Daily Report Card
-morning prep: D
-market prep: A
-stock prep: B
-level of focus: A
Rationale:
-yesterday BA broke above 373.23 technical level but closed just below it
-today I was looking for price to open above or break above 373.23 daily level while also getting above PMH so there is a lesser chance of me getting stuck in the premarket range chop
Trade Strategy:
-enter on hold or retest PMH 373.85
How much risk should/did I take?
-276; 2% of NLV
-on entry I was risking a break of PMH; but I really risked down to the open 373.66; or about 19 cents
-these large names will leak below level so have to risk down to next intraday level or at least see if price will trade a spread+ below level
Recap / Trade Management:
-entered 1 tier as price retested 373.85 PMH, entered another tier within the 1m candle as I wanted to make sure price didn't just crash through the level
-price drifted sideways for the next two 1m candles before trading higher; during this time SPY just broke above the PMH
-XLI also supportive of upmove as it was trading above Y-High, but it looks like price was being rejected above Y-High based on the wicks on the 5min chart
-variables at play: holding above PMH, above PClose, above 373.27 daily level, above open
What did I do well?
-begin looking to scale out when price broke above Y-High given how slow price was grinding up; not moving on momentum at all
-identify that BA was remaining close to daily level, while I was focused on DIS and NVDA on the open
How could I have traded this better?
-NA
What did the tape look like during the most important moments intraday?
-there wasn't really any notable clues in the tape, other than seeing price wouldn't fall much lower than 373.80
-today was also the 11th session since the catalyst event, so there really isn't a reason for there to be a strong bid (or offer) given this play was purely a HTF technical level play
Where could I have been responsibly bigger?
-NA; my entry was the area to be bigger, but didn't see any strong evidence from buyers on the tape
-there was an opportunity to enter as price held 373.23 daily level and the PClose; that was a place to get in earlier (not necessarily an area to get in heavier), but didn't like it because price was still below VWAP
Gain/loss relative to expected gain/loss:
-gain in line with expectations
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-11-26 09:52:25 | NOV29 19 377.5 CALL | buy | $1.370 | long |
2019-11-26 09:52:56 | NOV29 19 377.5 CALL | buy | $1.390 | long |
2019-11-26 10:02:48 | NOV29 19 377.5 CALL | sell | $1.530 | long |
2019-11-26 10:06:51 | NOV29 19 377.5 CALL | sell | $1.460 | 0 |
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