Big Picture
Overnight markets higher and SPY with a higher open w/ the China rate cut. Consolidated in the mid session but continued back to HOD and making new highs EOD. Noting any similarities w/ Jan 2018 which was a blow off top and notable pullback.
Trading the PM session of the day but did review the AM and mid of the day before planning/seeing if there were any opportunities that matched my current skills and or in process of building.
Intraday Fundamentals
A low float with elevated volume w/ news on a new patent was looked at in the AM session and noted for levels and price action. Volatility increased in the PM session which is where my trading took place.
RVOL - 10.85
AVOL - 1.52M
ATR - 0.42
Short Float - 6.26%
Shs Float - 1.15M
Inst Own - 21.80%
Market Cap - 7.81M
Technical Analysis
SPY 5M
TICK + ADD 5M
SES 4H
SES 1M
SES 1M (trading area)
Tape Reading
I did use the tape during trades and more specifically around the noted price levels. I noticed the spread starting to close in when volume started to flow in at 15:28 and when price was moving into the 9.50 area. (noting the failed short sellers break of 9.00 prior to the move). The tape was moving very rapidly and I wasn't able to get an edge from it. I still have it up for viewing on all trades because I'm developing the skill and I do notice some things time to time. Also still need to enable recording to review. I was also watching AMD side by side.
Trade Management / Trade Review
When I saw price and volume moving into the 9.50 level I started to pay more attention to the pre-planned trade. I was keeping in mind of the low float and the previous big moves on levels within the day. I was scalping in-between the noted levels. First waiting for confirmation on the level breaking and holding then price resumption. The level 2 was also being used here but didn't give me an edge, however if a big seller came up to break momentum then I would have seen it. I made 6/7 scalps with a mistake on the last one re-clearing the last 12.00 level in the last closing minutes. I need to keep in mind of the time of day and note that traders may be not as motivated to swing these type of moves. It was a good move on zoomed out view but I have to stick to my timeframe and type of trading.
I gave back 70% of the whole trade on the last scalp but still positive. I'm noting the resolution to fix this. I'd stop trading the name noticing the time of day and volume capitulation. Risk management needs to be constantly re-evaluated through out the trade with a type of stock like this as well.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-01-02 15:37:49 | SES | buy | $10.650 | long |
2020-01-02 15:41:15 | SES | sell | $10.680 | 0 |
2020-01-02 15:41:35 | SES | buy | $10.570 | long |
2020-01-02 15:41:57 | SES | sell | $10.610 | 0 |
2020-01-02 15:42:12 | SES | buy | $10.730 | long |
2020-01-02 15:42:30 | SES | sell | $10.790 | 0 |
2020-01-02 15:44:22 | SES | buy | $11.160 | long |
2020-01-02 15:45:13 | SES | sell | $11.300 | 0 |
2020-01-02 15:48:14 | SES | buy | $11.650 | long |
2020-01-02 15:48:35 | SES | sell | $11.800 | 0 |
2020-01-02 15:56:00 | SES | buy | $12.050 | long |
2020-01-02 15:56:39 | SES | sell | $12.090 | 0 |
2020-01-02 15:57:16 | SES | buy | $12.370 | long |
2020-01-02 15:58:19 | SES | sell | $12.040 | 0 |
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Good technical analysis.