Daily Report Card: C
-morning prep: C
-market prep: C
-stock prep: B
-level of focus: A
Rationale:
-RVOL was elevated during the first hour of the day
-NVDA was gapping down with the market
-gap was outside 1 st dev range for NVDA
-NVDA made my watchlist b/c I was expecting 2nd day bullish continuation after analyst PT increase on prior day; but market gapped down on trade-related news and NVDA followed so I switched my bias to the short side
How much risk should/did I take?
-$888 of risk on first trade; 424 of risk in second trade
-well below risk limits as I need to find consistency and work on identifying my a+ setups in real-time (tear drop & ladle)
Recap:
-note on the ladle setup there is likely to be 1 or 2 retests of VWAP
-note how price moved vertically down then retested VWAP, and made another vertical move down; these sharp moves (as compared to a slow grind lower), are likely to lead to continuation
-NVDA almost traded 1.5x avg volume during today's session
What did I do well?
-have the awareness not to re-enter another trade during the lunch hour
-keeping risk low; had a 6-day losing streak (but went from losing a lot to losing a lot less)
-re-entering into two separate tranches of options; recognizing that the 177.5P were ITM when I found a re-entry point, so I bought the 175P (slightly OTM)
-cut risk in half on re-entry (think this is good practice until I build more consistency and have strong understanding of A+ setups)
How could I have traded this better?
-held the trade longer once it worked, given market and sector were supportive; I didn't like the way it price would sort of linger and slow as it traded sideways (didn't want to get stopped out on a major retracement)
What did the tape look like during the most important moments intraday?
-see the chart
-during retracements to VWAP that were worth of entry, large lots traded at the bid and price slowed
-during sideways/drifting price action, saw large lots on the bid before price broke lower
Gain/loss relative to expected gain/loss:
-gain lower than expected
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-10-08 09:35:03 | OCT11 19 177.5 PUT | buy | $2.220 | long |
2019-10-08 09:35:45 | OCT11 19 177.5 PUT | sell | $2.490 | long |
2019-10-08 09:38:49 | OCT11 19 177.5 PUT | sell | $2.560 | long |
2019-10-08 09:44:21 | OCT11 19 177.5 PUT | sell | $2.540 | long |
2019-10-08 09:44:31 | OCT11 19 177.5 PUT | sell | $2.530 | 0 |
2019-10-08 10:43:21 | OCT11 19 175 PUT | buy | $2.120 | long |
2019-10-08 10:50:09 | OCT11 19 175 PUT | sell | $2.350 | long |
2019-10-08 10:55:05 | OCT11 19 175 PUT | sell | $2.220 | 0 |
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