Daily Report Card
-morning prep: B
-market prep: A
-stock prep: A
-level of focus: A
Rationale:
-BBY beat earnings/Rev/SSS expectations and raised FY20 EPS guidance on 11/26
-several analysts increased price target the day following earnings but the stock reversed on that day
Trade Strategy:
-enter above 81 which was intraday resistance turned support on Day 1
How much risk should/did I take?
- $304; 2.4% of NLV
Recap / Trade Management:
-overall I didn't follow the strategy I set forth, but I did enter on bullish pattern which was to get long above PMH; upon reflection, i believe 81 was a more important level for the stock to be above before getting long
-my executions were extremely lousy. whenever I added to a starter position, I added into strength (but this was not a momentum trade)...the stock hit resistance, and fell right back to where I added before I panic sold
-put on starter positions in good areas, but I kept trying to anticipate the break of 81 when I should have been selling/scaling out there, given it was a short day after holiday and the market was still in premarket range; I dont believe I can expect large cap stocks to trend if the overall market is w/in premarket range
-I continually noticed size on the offer / selling pressure, if bias is to be long I really have to use discretion to sit out even price does get to my level of interest; in this case, I will need to notice this in real-time sooner my being prepared on the open, really noticing whether the market is outside of the premarket range, reduce the number of times
I try to catch a trend move to 1 when I notice this occurring and understanding that the opportunity may be to scalp contracts for a 5-10-15 cents vs trying to hold for a trend move
-there were multiple times were I saw size flash quickly on the offer while I was in a position but held thinking we would grind thru that; in the future, I have to listen to the market and react quickly to this information by lightening up
-in watching back my screens, the areas where I added, I was doing so mostly based on the tape (when price was not at level of interest) -> I don't believe trading solely based on the tape is effective; have to use that in conjunction with levels and the whether market is moving in the same direction
-taking a step back, this wasn't the strongest 2nd day play trade signal given that Day 1 prices did not close at the highs
-also market and sector were not really in support of an up move
What did I do well?
-include this name on my watchlist
How could I have traded this better?
-see in real time that market is w/in premarket range; this should result in me thinking there is less of a likelihood to catch a trend and maybe one fewer stab at going long
What did the tape look like during the most important moments intraday?
-most of the day there seemed to be a lot of selling pressure, size/stacking on the offer; it was like that on the open and now in retrospect every time the stock tried to rally
Where could I have been responsibly bigger?
-no really definitive evidence on the tape, there were a couple spots were price came down nicely to PMH or 80.98 but given overall market conditions, there wasn't really any reason for me to have conviction to be bigger
Gain/loss relative to expected gain/loss:
-loss in line with expectations; net loss of -96 which is within risk guidelines
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-11-29 09:38:54 | DEC06 19 82 CALL | buy | $0.9000 | long |
2019-11-29 09:38:54 | DEC06 19 82 CALL | buy | $0.8500 | long |
2019-11-29 09:42:31 | DEC06 19 82 CALL | sell | $0.9300 | long |
2019-11-29 09:44:21 | DEC06 19 82 CALL | buy | $1.000 | long |
2019-11-29 09:46:36 | DEC06 19 82 CALL | sell | $0.9000 | long |
2019-11-29 09:46:36 | DEC06 19 82 CALL | sell | $0.9000 | 0 |
2019-11-29 09:55:58 | DEC06 19 82 CALL | buy | $0.9800 | long |
2019-11-29 09:58:03 | DEC06 19 82 CALL | buy | $1.020 | long |
2019-11-29 10:01:08 | DEC06 19 82 CALL | buy | $1.040 | long |
2019-11-29 10:06:39 | DEC06 19 82 CALL | sell | $0.9500 | long |
2019-11-29 10:06:44 | DEC06 19 82 CALL | sell | $0.9500 | long |
2019-11-29 10:07:06 | DEC06 19 82 CALL | sell | $0.9300 | 0 |
2019-11-29 10:26:29 | DEC06 19 82 CALL | buy | $1.030 | long |
2019-11-29 10:26:37 | DEC06 19 82 CALL | buy | $1.030 | long |
2019-11-29 10:26:41 | DEC06 19 82 CALL | buy | $1.050 | long |
2019-11-29 10:26:42 | DEC06 19 82 CALL | buy | $1.050 | long |
2019-11-29 10:26:43 | DEC06 19 82 CALL | buy | $1.050 | long |
2019-11-29 10:26:44 | DEC06 19 82 CALL | buy | $1.050 | long |
2019-11-29 10:29:04 | DEC06 19 82 CALL | sell | $0.9900 | long |
2019-11-29 10:29:25 | DEC06 19 82 CALL | sell | $0.9700 | long |
2019-11-29 10:31:42 | DEC06 19 82 CALL | sell | $0.9700 | long |
2019-11-29 10:31:42 | DEC06 19 82 CALL | sell | $0.9700 | long |
2019-11-29 11:04:11 | DEC06 19 82 CALL | sell | $0.9400 | long |
2019-11-29 11:04:13 | DEC06 19 82 CALL | sell | $0.9500 | 0 |
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