Daily Report Card: A-
-morning prep: B
-market prep: A
-stock prep: A
-level of focus: A
Rationale:
-have been stalking this name for a second day play as earnings beat expectations and TGT raised full year EPS guidance
-several analysts raised PT after the earnings release
-no fresh news on on this day
Trade Strategy:
-enter above PMH 127.50 or above 128 (multiday PM resistance)
-initially had plans to enter above 127.20 (day 1 resistance), but thought it would be more significant of a long if price got above 128 since it's been rejected there multiple times
How much risk should/did I take?
-150; 1% of NLV
-appropriate as this was second trade of the day and I notice a pattern where I might try to overtrade the opening drive so I kept risk smaller
Recap / Trade Management:
-entered first tier after price broke above Day 1 resistance (127.20) and open (127.26) and held there for the next 1m candle
-entered second tier as price continued to hold levels and I saw bidders stack at 127.37
-entered third tier as price pulled back to 127.20 level
-price stalled as it hit the PMH then began reversing lower; began exiting as price broke below the day 1 resistance / open price
What did I do well?
-keeping tight risk and exit as soon as thesis is invalidated
-protect majority of profit from earlier trade
How could I have traded this better?
-stuck to plan that 128 is most important level for price to be above given how many times price rejected level
-noticed 127.20 is really just the Day 1 high, that is not important enough of a level to soley risk off
-exit out the whole position at once, don't do partial exits unless I plan where I will partially exit
What did the tape look like during the most important moments intraday?
-saw bids stacking at 127.38-.41 as price held above 127.20, but they dropped with the pullback
Where could I have been responsibly bigger?
-NA, trade thesis didn't play out
Gain/loss relative to expected gain/loss:
-loss in line with expectations; 30% of intraday risk
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-11-25 09:43:41 | NOV29 19 129 CALL | buy | $0.5100 | long |
2019-11-25 09:44:39 | NOV29 19 129 CALL | buy | $0.5100 | long |
2019-11-25 09:46:19 | NOV29 19 129 CALL | buy | $0.4800 | long |
2019-11-25 09:46:38 | NOV29 19 129 CALL | sell | $0.4300 | long |
2019-11-25 09:46:39 | NOV29 19 129 CALL | sell | $0.4300 | long |
2019-11-25 09:46:53 | NOV29 19 129 CALL | sell | $0.4100 | 0 |
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