Daily Report Card
-morning prep: B
-market prep: D
-stock prep: B
-level of focus: A
Rationale:
-this name caught sweeper activity the last several days and continued to see sweepers on the open today
Trade Strategy:
-didn't fully think through plan on the open, generally looking for a bullish chart pattern to open (I didn't really write out / think through a plan before the open)
How much risk should/did I take?
-478; 5% of NLV
Recap / Trade Management:
-took 4 trades in this name; the first trade was purely FOMO as I didn't really have a good spot to enter and tried to enter against 205 after it was broken (note I heard there was more sweeper activity - orders came in at 9:33 & 9: 35 - at the time and basically jumped in)
-2nd trade: FB broke below VWAP and then began to hold above and put in a 10-12 min tight consolidation above VWAP
-last two trades were almost exclusively based on action on the tape
What did I do well?
-stay engaged with this name after taking the intial loss
-watching the tape the entire trading session and seeing strong buying after large offers were taken out
-make trading decisions based on the tape
-very satisfied with my entries and exits on the last three trades
How could I have traded this better?
-be a little more collected on the open, first trade was all FOMO and should have been avoided; also put on too much risk on the open, need to limit to 1-2 tiers and make sure i'm catching consolidations or pullbacks, unless I see clear signals on the tape
-lately i've been putting on 3 tiers on trade I take off the open; it feels like i'm just trying to make money and getting caught up in emotion without really thinking through my entry spots
What did the tape look like during the most important moments intraday?
-TBD
Where could I have been responsibly bigger?
-on the second trade where price consolidated along VWAP, every time price went to bottom of the tight consolidation range it bounced higher -> this was clear area to define risk
Gain/loss relative to expected gain/loss:
-net gain of $0, the last three trades made back my loss on the first trade and I took the last three trades with only 1 lot
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-12-19 09:39:24 | DEC27 19 207.5 CALL | buy | $1.600 | long |
2019-12-19 09:39:28 | DEC27 19 207.5 CALL | buy | $1.580 | long |
2019-12-19 09:39:32 | DEC27 19 207.5 CALL | buy | $1.600 | long |
2019-12-19 09:41:57 | DEC27 19 207.5 CALL | sell | $1.520 | long |
2019-12-19 09:41:57 | DEC27 19 207.5 CALL | sell | $1.520 | long |
2019-12-19 09:42:51 | DEC27 19 207.5 CALL | sell | $1.480 | 0 |
2019-12-19 10:46:12 | DEC27 19 207.5 CALL | buy | $1.200 | long |
2019-12-19 11:13:24 | DEC27 19 207.5 CALL | sell | $1.270 | 0 |
2019-12-19 14:34:13 | DEC27 19 207.5 CALL | buy | $1.420 | long |
2019-12-19 14:41:32 | DEC27 19 207.5 CALL | sell | $1.570 | 0 |
2019-12-19 14:58:57 | DEC27 19 207.5 CALL | buy | $1.580 | long |
2019-12-19 15:23:00 | DEC27 19 207.5 CALL | sell | $1.760 | 0 |
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