MU Trade on Dec 16, 2019 09:49 from MarcoG: Tradervue User Stock Trades.

Consolidation & Pull-back play above pm high on Upgrade!!

Requirements:

Gap : >2.5%
RVOL : >1.5
pmVOL : >50 K
avg Vol: > 1M
Vol @ Day : >500 K
Long Term Chart : Possible Pocket or trend already defined.
Float: >20 M
Short Float: Possibly >40%
Institutional Ownership : Possibly > 100%
History of Gap Follower: Neutral
History of former runner: YES
Major ETF movement and strength: Trending
Catalyst : ER beats

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Overall Picture

SPY is in record mode since long enough now to just enjoy a beautiful continuation marking day by day new highs. In today's pm session a gap sat SPY just below previous all time high @ 318.67 to break and going to open @ 319sh. Everything is set for a further continuation.

Today's Watchlist

Today I had on the wachtlist: BA with fresh news, MU as upgrade, ADBE as continuation play and TSLA as a beta name with good strength and chart

BA: Boeing Co. was poised to drop the most in almost two months on news that the company is weighing a temporary halt in production of the 737 Max as regulatory clearance for the grounded jet’s return looks increasingly likely to slip beyond January 2020.
While Boeing’s board also studies slowing already-pared output of its best-selling jet, executives are convinced a full pause would be less disruptive, said a person familiar with the matter who asked not to be identified as the discussions are confidential.
Boeing shares fell as much as 4.3% to $327.02 in New York premarket trading on Monday.
I don't really know if this is such a bad news for the stock but as a matter of fact the stock gaped down 4% in today's pm session. I would be interest in a short in case price would cross down 324.54. It didn't occur while price fully reversed going to fill the down gap.

ADBE: ADBE was on watch after the nice action on last Friday's trading session. The stock gave me an opportunity to entry exactly at 09:34 @ the break and pull to 321.83. I have actually clicked but never released the finger cause I didn't see in the end any doji or tiny red candle thus no real pull but the truth is that price pulled and bounced perfectly off my entry. Perhaps I have being too stuck in getting a confirmation that considering the action and strength was not really needed I could have easily released the finger by the mouse after clicked and I would have been in the trade. Monday's hesitation is something I am starting to get used to.. I am quite annoyed by that..

TSLA: I am following TSLA the entire year now and traded just last week a technical trade on it. The overall scenario has been more then bullish since enough time now to consider it a beta stock with enough interest to grant a smooth a solid move even if a real catalyst is not behind it. On TSLA I did exactly the same did on ADBE but at 09:38 when price once pulled, sat nicely on the 365 providing a perfect textbook entry clicked but never released the mouse button. I have no excuses or what so ever here again. Missed already 2 moves just only 8 minutes by the open.

Play (missed or better I have cancelled the order)

MU

Company Description

Sector: Electronic Technology
Industry: Semiconductors

Micron Technology Inc (NASDAQ:MU)
engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU).

Trade Scenario

Susquehanna boosted MU price target from 45$ to 85$.

Trade Variables

Symbol: MU
Gap: 2.90
RVOL: 2.3
pmVOL: 657 K
avg Vol: 17 M
Vol @ Day: 28 M
Float: 1.1 B
Short Float: 21.2%
Institutional Ownership: 80.90%
avg ATR: 1.45
History of former runner: Yes
History of Gap Follower: Yes
Long Term Chart: The stock is just going to test 52 Weeks high accompanied by a certain strength and some good comments related to the stock. A possible move for about a point could be a target for the day.
Major ETF movement and strength: XLK just broke up new all time high level opening with a gap of 0.76%. Good strength and overall market scenario specially after the apparently good news in elation to China trade war. Trump assumed to be at the end of a good part of the deal, but news like those are not new and the trade war is still actual and present and unsolved.
pmPATTERN: Nice bull flag and further up trend continuation with a wedge formation.
Catalyst: Upgrade

Technical Levels

Support:

S1 52.55
S2 52.32 (52WHigh)
S3 51.57

Resistance:

R1 53.07
R2 53.23
R3 53.68
R4 54.72

Inflection: 53.07

Trade Plan

MU is on my watch for the upgrade by Susquehanna from 45$ to 85$. I admit I do not trade up/down grades and this led me to have an extra layer of safety. Perhaps too much!

Set-up: Up-Trend Continuation entering at pull back to inflection.
Side: Long
Size: 400
Entry: 53.15
Takes:
Exit: 52.98

Trade Overview:

After have missed the first 2 opportunities market gave me I have followed MU considering the pull back to inflection started and finalized at 09:49. By this time I have set the order but I have then cancelled it. No words to have missed the 3 trade offered me today.

Analysis:

1) I have noticed the pull back at inflection and held for a while to place my order.
2) Set down the order I have cancelled it for no reason. Actually there is a reason: My internal fight if trading a stock with not a real catalyst that didn't actually provide the action I wanted to see for me to enter. I noticed that even if my aim was to enter if a strong impulse and pull would have occurred, I have realized that the overall market scenario was actually enough positive and supportive. This led me to place the order. But by the time I have got filled my fears stepped in pushing on the fact that I had placed an order on a stock with no catalyst (ok it was a technical overall strong scenario) that didn't provide the pattern I would have liked to see.

Tape reading:

1) Several orders @53.30sh pulled the price back to inflection. At 09:44:01 @53.33 13K shares, at 09:44:47 @53.31 94K shares, at 09:45:10 @53.32 10K shares. Well quite some orders there.
2) At 09:49:48 @53.16 11K shares and at 09:52:12 @53.20 other 20K shares and price got to test hod but by that time I was already wondering why the fuck I cancelled my order!

Orders:

Yeah my orders... Missed on ADBE, missed on TSLA, and cancelled on MU. Was this really the objective of today's trading session? Did I really spent the entire day to then report 2 entry in which I click on the buy but I never release the fucking finger and then if that was not enough a cancelled order! Wow that is a wonderful winning plan for a day trader, trading on a daily basis to record then 2 paralyzed finger missed trades and one cancelled!

Intuit:

I have got the intuit that I was not going to perform already on ADBE my first missed. Tried to get out of the vortex with TSLA, I have there instead got a confirmation that I was not at top performance today. I have told myself, looking back at the recording, to give me the opportunity to express my practice with no other shit around it. I have done it entering in MU cause still was respecting the checks, but even there I have cancelled and avoided to trade.

Internalization:

I have elaborated the info I have got but a main condition was dominant. I do not refer to being sleepy and weak, instead I was on the spot and fit, who was not there was my awareness as a performer, as an excellent performer. I was like give me a break, give me some time!

Comments:

I do not know why all this occurred to me today. I can only by my side analyze and find an answer to my attitude today. Generally on Monday my overall mental attitude is different, even if on Sundays I spend hours behind the charts and stay on the spot to don't lose the flow stil on Monday I feel way different. A solution could be found already in what I did today. A kind of forcing me to enter in MU even if my mindset was against my instinct and intuit. Trying it over and over again perhaps admitting to trade a lower size, but stil trying. Days like today let me put on discussion if I really have understood the main point on trading on a daily basis stocks. I could experience periods of complete lack of volatility with bounded range moves that stops you over and over again but as well periods of volatility and clear, smooth moves. Nobody is gonna tell me when this will occur, what will guide me will be being in, yes being in a trade thus being in the living the opportunity to manage and adapt my practice on different market conditions that may occur at any moment of the day at any day!

What I did not like about the trade:
I didn't like that I was not on the spot to perform. I was not that convinced of my watchlist considering that also was a Monday, day that usually stocks do not perform that good. I have missed several opportunities.

What I have liked:
I have liked that it happened. The feeling of frustration equals the will of report different entry types and trade/mindset management. Definitely having a more professional approach that despite any external condition that could compromise the final overall performance, it is not affected by that!

Additional Comments if any:
Here is the evidence of the crime:

What a missed trade here!! My best exit is at 7.67R, 460$!