BBBY Trade on Oct 3, 2019 11:31 from MarcoG: Tradervue User Stock Trades.

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MarcoG

 

Company Description

Sector: Consumer Cyclical
Industry: Specialty Retail

Bed Bath & Beyond Inc., together with its subsidiaries, operates a chain of retail stores. It sells a range of domestics merchandise, including bed linens and related items, bath items, and kitchen textiles; and home furnishings, such as kitchen and tabletop items, fine tabletop, basic housewares, general home furnishings, consumables, and various juvenile products. It also provides various textile products, amenities, and other goods to institutional customers in the hospitality, cruise line, healthcare, and other industries..

Trade Scenario

Bed Bath & Beyond shares were indicated lower in pre-market trading Thursday after the home furnishings retailer posted weaker-than-forecast same store sales over its fiscal second quarter, and trimmed its full-year profit guidance, amid its ongoing turnaround program.

Trade Variables

Symbol : BBBY
Gap : 2.85%
RVOL : 4 at the time of the trade
pmVOL : >100k
avg Vol: 7 M
Vol @ Day : 14 M
Float: 118 M
Short Float: 82%
pmPATTERN : Tested and rejected the pm high from yesterday and pivoting around the inflection point at 10$. Stabilized below that got to 9.31 level of support to open today just at 9.77 Multy day VWAP.
Catalyst : ER miss

Technical Levels

Support: 9.20 9 8.68 8.06
Resistance: 9.77 10.24 10.32 10.45
Inflection: 10

Trade Plan

10 Level it's a pshyco level once above buyers could come in. A retest after a bounce at the open could be a possible entry. A fade below the 10 could be another scenario

Set-up : Down-Trend Continuation, 15 min continuation, Multi-Day VWAP magnet
Side : Short
Size : 100 (wrong it should have been 250 for a -20$ loss starter position)
Entry : 10.03
Takes : 9.89 9.80
Exit : 10.12

Comments

Today in premarket I had on watch: BBBY, TSLA, STZ, PEP and as a continuation day LEN and ATVI. On ATVI I was short biased but not on LEN.
Today has been the day of the missing opportunity. LEN got a nice continuation indeed that I have not been able to spot. I still need time to master several stocks providing them with the necessary attention they deserve.

I have traded BBBY for the retest at inflection point @ 10$. I have tried to get a fill at 09:37 for the first pullback once price crossed yesterday high and just sat on it (point of control) . I didn't have success and I felt quiet frustrated about that. I have understood that I have to provide a wider range for my orders to get filled. At the end I will always find an entry at a certain area rather then a certain price. If I don't accept it I will sporadically get filled! Such as today on BBBY!
Same thing happend later on PEP at 10:16. Price retested closer level of support at 136.50 and bounce back following his daily trend. I had my eyes on it through the entire move but once I have got the confirmation of that testing and crossing VWAP I have had hesitation entering the trade. Trading the breaks apparently is definitely too demanding for my psychological mindset. I can't handle it. I choose all the way a retest, pullback rather then a break! The price I pay is a missed entry on PEP @ 137.50
Nothing really excited me through the entire trading session but I have got my attention on BBBY testing the inflection point first breaking it and bouncing on the 9.90 previous level of support in pm and after touching it from below. An already broken level that will invert his function is an optimal price action to trade.
First time I trade later after 10:30.
Shorted the retest to inflection point, I have started to taken out at my fixed targets (1:5 2:5 eventual add or if I can I take off also target 3 at 4 pnl)
This is a big big point on my trading practice. Locking up could grant a constant flow of profits but would eventually limit you at the beginning in not being more profitable than that. It's a big choice and it costs the profit I will make or leave on the table. I might start considering taking off when at technical targets maybe? Today 9.77 was the reason why I have shorted BBBY. At target I should have taken half of my position out? Multiday VWAP is responding quite good to particular kind of setups. It acts as magnet attracting price at first but once at level with confirmation by volumes and tape it could repel the price let it bounce quiet enough to spot a profitable trade.

First and second take were ok. First and second add was ok. Third add was not ok. I have immediately sat an order once price got below the 9.77 trying to find a fill to short it. I didn't wait for it to confirm such level as broken and retested. This already ruined my avg to 9.85. In addition to this the last add has been a complete typo. I wanted to lock in there but I sold more.. That put my avg at 09.81 not enough to hold the retest at 9.86 that occurred right after. Big disappointment to have ruined it all with a couple of mistakes. Got a point of focus to work on. Gotta work on the patience once in a profitable trade. I was also considering using different order types. I would like not to average but getting as many positions as many buy/sell button I press. Would that be a possible scenario?

What I did like about today is my waiting for a possible scenario based on my view to trade. Looking back at the recording I was quiete disappointed regarding the missed fills but still focused on spotting an opportunity this time regardless the time of the day. I will continue on this path.

What I didn't like is obviously the typo, and the fact that I have first sat all my targets to be filled (9.67 would have been next). I have changed plan considering the multiday-vwap as a target and not anymore as a drive. Conclusion, a complete mess, I had to lock up profits to don't ruin it completely.

05/10/19
I have left 50% of my original position on the table! Tell me about that!


Execution detail:

Date/time Symbol Side Price Position
2019-10-03 11:31:04 BBBY sell $10.030 short
2019-10-03 11:33:12 BBBY buy $9.890 short
2019-10-03 11:58:44 BBBY buy $9.800 short
2019-10-03 12:01:02 BBBY sell $9.840 short
2019-10-03 12:20:53 BBBY sell $9.760 short
2019-10-03 12:23:50 BBBY buy $9.780 short
2019-10-03 12:24:26 BBBY buy $9.790 short
2019-10-03 12:24:55 BBBY buy $9.820 short
2019-10-03 12:26:47 BBBY sell $9.810 short
2019-10-03 12:26:57 BBBY buy $9.810 short
2019-10-03 12:26:58 BBBY buy $9.810 short
2019-10-03 12:28:54 BBBY buy $9.830 0


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