Shared by
beno
Technical Analysis
-Downtrend from mid 2017
-Was at all time lows last week
-Day 1: gapped up and had inside day
-Day 2: ripped higher all day testing all resistance lines from August and September
-Day 3 (today): failed to hold above 6.2 daily resistance, weak day of consolidation in $5 range
Catalysts / News
-Earnings: surprise, Smaller than expected Q3 loss, Revenues beat
Original Plan / Strategy
Long the washout to 6.2 if stock spent enough time above this level.
Review
Didn't long the 6.2 test as stock was very weak. Decided to long the washout to 5.7 instead which is an important level from daily. Got in during the quick down move, bids kept stacking but sellers kept chewing through all the size, sold when I noticed failed buying for the 3rd - 4th time.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2019-11-11 09:52:18 | CLVS | buy | $5.710 | long |
| 2019-11-11 09:55:15 | CLVS | sell | $5.710 | 0 |
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