Daily Report Card: D
-morning prep: D
-market prep: D
-stock prep: B
-level of focus: A
Rationale:
-INTC reported better than expected earnings and raised sales guidance for the year
-price holding above 56 daily level
Trade Strategy:
-enter 1 tier above 56, 56.50 or or 56.92
How much risk should/did I take?
-124, <1% of NLV
-didn't want to risk too much coming off AAPL trade, plus less conviction in this opportunity
Recap / Trade Management:
-price traded sideways around 56, this was the ideal level to enter a position but I was tied up with AAPL during this time
-price broke above Day 1 resistance (~56.50) at 10:34 and held sideways for 2 1m candles
-entered into a position after this; didn't enter right after the signal, entered 8 mins later at a less advantageous price
-price failed to hold above prior day's high and I got stopped out when it traded back below Day 1 resistance
-trade was actually over after price broke below 56.60 (prior day high)
-this wasn't as good of a 2nd day play: price didn't open near the prior close / prior high (like AAPL & AMGN), price wasn't above premarket high on entry
What did I do well?
-entered this trade only after I got a signal; did not enter just because I had a win (with AAPL) under my belt
-quickly cut position when I realized it wasn't working / not playing with "house" money
How could I have traded this better?
-exit a bit earlier at 10:49, price made a lower low, or even 10:48 when price broke below 56.60 (prior day high)
What did the tape look like during the most important moments intraday?
-shortly after my entry (10:44), price was fighting between 50.60-50.65; every time price traded down to .60 & .61 the bids stacked up....when we got up to .62 & .63 the offers stacked up
Gain/loss relative to expected gain/loss:
-(14%) loss; loss in line with expectations
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-11-01 10:44:03 | NOV08 19 56.5 CALL | buy | $0.6200 | long |
2019-11-01 11:02:23 | NOV08 19 56.5 CALL | sell | $0.5300 | 0 |
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