Daily Report Card: A-
-morning prep: B
-market prep: A
-stock prep: A
-level of focus: A
Rationale:
-2nd day earnings play as price held above a high volume area
Trade Strategy:
-enter as price breaks and holds above the high volume area
How much risk should/did I take?
-138; 1% of NLV
Recap / Trade Management:
-tried twice to get in as price appeared to hold 96.40 (the top of the high volume price channel)
-the first entry was invalid; price only held above 96.40 for one 1min candle
-second entry was valid; there were 2 1m candle closes above level, but I was got in before candles completed
-this is an issue b/c I didn't fight for price and I also got in before the main signal was confirmed, decreases likelihood of success on future plays
-price ultimately broke and held above 96.40 in the afternoon session but price action did not provide an opportunity to get in
-stock has been range bound b/t ~92.50-100; i'm much more interested in this name above 99.40 which is the earnings A/H high; this could be a trade plan in anticipation of the stock breaking above 100 (or above 101.70, which would be a new 3 month high
What did I do well?
-keep risk small, didn't not scale up as I didn't see confirmation on the tape
How could I have traded this better?
-can keep risk a bit tighter by waiting for confirmation 2-3 1m candle candle confirmation (would have avoided first trade, and had tighter risk in second trade)
What did the tape look like during the most important moments intraday?
Where could I have been responsibly bigger?
-nowhere, no opportunity on the tape and trade ultimately did not work
Gain/loss relative to expected gain/loss:
-loss in line with expectations but on a small position size which makes it manageable given I took this loss twice (two failed trades); -14.8 (1st trade) to 17.0% (2nd trade)
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-11-13 10:10:56 | NOV15 19 97 CALL | buy | $0.6900 | long |
2019-11-13 10:18:12 | NOV15 19 97 CALL | sell | $0.6000 | 0 |
2019-11-13 10:19:47 | NOV15 19 97 CALL | buy | $0.6700 | long |
2019-11-13 10:24:23 | NOV15 19 97 CALL | sell | $0.5700 | 0 |
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