Daily Report Card: A
-morning prep: A
-market prep: B
-stock prep: A
-level of focus: A
Rationale:
-beat EPS/sales expectations; Q1 guidance ahead of estimates
-Nomura upgraded to buy and several other analysts raised PTs on day 1
-Jan 60 call sweep on day 1 as well
Trade Strategy:
-enter on hold above or pullback to 61.85 (high volume price channel); the price channel is from 61.36-61.85
-enter on a hold above 62.92 (day 1 high)
How much risk should/did I take?
-62-300; ~2% of NLV
-put feeler trade on, but sized in to this one too soon
Recap / Trade Management:
-got chopped up as price kept trading below 61.85
-I felt as though 61.85 was the most important level and price kept leaking below that level
-I didn't have the best entries as I didn't wait for confirmation (2-3+ 1m candles with small bodies) or a clear pullback to the level
-I tried to get in this name 3 times, but stopped out every time; sized up a bit too much on 2nd try so there was room to keep risk a bit tighter
-by the time price actually held above 61.85 level and traded up to 63, I had already struck out 3 times and I pretty much hit my max drawdown on the day, so I closed up shop to ensure I stayed green on the day
What did I do well?
-kept risk tight, but gave myself a chance to catch the move with more than a feeler/1 tier
How could I have traded this better?
-been more patient and waited for 2+ candles with small bodies / long wicks to hold above 61.85
-after the first two tries, have to take a step back and think maybe now isn't the time... consider re-evaluating at 10a / 10:30a / 11a - these seem to be the times when stocks that will trend catch their trend
Wh3at did the tape look like during the most important moments intraday?
-saw some stacking on the bid at 10:07-10:09 & 10:21-10:23, but order book was relatively thick so it was hard to tell if there was confirmation on the tape
-did not see any very large size on the order book
Where could I have been responsibly bigger?
-on pullback to 62 at 10:19-10:23 where price held sideways - can stop out a couple cents under the sideways range if price doesn't continue higher
Gain/loss relative to expected gain/loss:
- -$93; lost between -18% to -23% on each trade
-based on my percentage loss (even though small numbers), my entries were very poor
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-11-18 09:38:34 | NOV22 19 62.5 CALL | buy | $0.6200 | long |
2019-11-18 09:39:30 | NOV22 19 62.5 CALL | sell | $0.5300 | 0 |
2019-11-18 09:42:38 | NOV22 19 62.5 CALL | buy | $0.5800 | long |
2019-11-18 09:43:00 | NOV22 19 62.5 CALL | buy | $0.6000 | long |
2019-11-18 09:43:01 | NOV22 19 62.5 CALL | buy | $0.6000 | long |
2019-11-18 09:46:40 | NOV22 19 62.5 CALL | sell | $0.4800 | long |
2019-11-18 09:46:41 | NOV22 19 62.5 CALL | sell | $0.4800 | long |
2019-11-18 09:46:50 | NOV22 19 62.5 CALL | sell | $0.4700 | 0 |
2019-11-18 09:52:52 | NOV22 19 62.5 CALL | buy | $0.6000 | long |
2019-11-18 09:55:15 | NOV22 19 62.5 CALL | sell | $0.5000 | 0 |
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