WDC Trade on Jan 7, 2020 10:06 from MarcoG: Tradervue User Stock Trades.

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MarcoG

 

Pull-back play above pm high /All Time High on Upgrade!!


Overall Picture

SPY after performing a beautiful end of the year rally got to correct just for the first days of this new year 2020. By yesterday's session it was clear to me that bulls still have the control of the action. Today's premarket session didn't quite confirm the trend. Curious to see how action will develop at the open

Today's Watchlist

Today I had on the wachtlist: MU, APA, AMD and WDC

MU: MU got upgraded to 80$. Not the best catalyst ever but a low light that could grant a smooth move. At the open the stock priced a nice 56.50 hod that got my attention. Holding and waiting for it to pull unfortunately it retraced below all time high. This kept me away from it. I admit I have done the mistake to don't trust it once price got to retest all time high and nicely sitting on it. I could have get an entry there not as my A+ setup though.

APA: Maka Central-1 well confirms geologic model with 73 meters (240 feet) of oil pay and 50 meters (164 feet) of light oil and gas condensate pay; appraisal planning is underway. Drilling at the next well, Sapakara West-1, approximately 20 kilometers (12 miles) southeast of Maka Central-1, will test the same-aged upper Cretaceous intervals in a separate and distinct stratigraphic feature.
I do not use to trade energy stocks but today I didn't have so much choice in pm thus I have kept APA in my watch list. This explains my hesitation entering at 09:50 or so once price sat nicely @ hod.

AMD: AMD was on watch as beta stock. I have liked the technical scenario and the overall performance lately for me to select it as a tradable stock today. SPY pulled for the whole opening session pulling AMD low and letting me lose interest on it!

Play

WDC

Sector: Technology
Industry: Computer Hardware

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook personal computers (PCs), security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and flash products, such as multi-chip package solutions.

Trade Scenario

In pm Coven upgraded Western Digital from Market Perform to Outperform. The timely upgrade has added more momentum to the Western Digital rally.

Trade Variables

(The same I use since more than a year now!) If I have selected the stock means that all of those were respected thus from 2020 no need to report about those checks that are the fundamentals of my trading practice.

Technical Levels

Support:

S1 65.24
S2 65.04
S3 64.61
S4 63.55

Resistance:

R1 65.85
R2 65.98

Inflection: 65.98

Trade Plan

WDC is on my list due to the upgrade. I will trade it in case of setup confirmation. Break and pull @ inflection

Set-up: Up-Trend Continuation entering at pull back to inflection.
Side: Long
Size: 400
Entry: 66.02 / 66.39 / 67 / 67.53
Takes: 1.5/2.5/3.5 pnl and above adapting on new avg price and respecting 4.5/5.5 pnl etc (I have made a mistake with take 2 at .53 and at take 4)
Exit: 65.77

Trade Overview:

Analysis:

When price got to break and pull to all time high I have executed my order! There is basically nothing else for me to analyse in relation to my entry. Takers have been respected as well as adds (besides the last one as usual).

Tape reading:

No use of the tape for this trade.

Orders:

I have traded today for the first time on a new broker. I had some little issues in handling my orders due to the fact that my new broker has a different order configuration then my previous. I needed to be on the spot adapting in the meaning of closing my position in a different way then before and even the combination of orders had to be different due to the lack of orders availability with my new platform. Is something I will improve by the time.

Intuit:

I have followed my instinct and knowledge with adding no side thoughts to my trade! Just pure execution of what I have been studying since more then a year now!

Internalization:

I have cross checked my orders and confirmed those by executing!

Comments:

I have had perhaps the most illuminating conversation of my life during the just passed holidays. I have had the opportunity to sit with my mentor and family to underline a huge point of improvement, better saying a huge point of changing. I have realized that my trading activity was affected by external components that would not allow me to be successful. I refer in the specific to issues related to a winning mindset rather than lack of knowledge or lack of emotional control.
My mentor provided me, for the purpose of fighting those sabotaging actitudes, with a written and an audible version of a positive affirmations list. This definitely woke up in me the need to review those aspects of my trading rather than the specific technical skills. The trade I have made today is my first trade made with a positive base as fundamental!

What I did not like about the trade:
I didn't like my last add. Same mistake as usual. Wow I repeat it over and over again.

What I have liked:
I have liked that I have liked to be me when entering the trade! Yes I have for the first time traded with the inner conviction of deserving to win, today and tomorrow and for the rest of my career. I deserve it cause I am passionate and dedicated, cause I have sacrificed everything I had in my life but my capital. Cause I have traded one year to finish flat and avoiding disasters, cause I have done the impossible for me to make today 300$, cause I do not trade for money. I deserve to be all this and thinking in this way won't make me a greedy, miserable human!
Now I have to keep it and go on! Made the first of several upcoming steps.
Removing by my trading activity and adding in my life has given me tons of benefits and I won't go back locking my self up at home studying. I will add only when able to be constantly profitable with what I already know and sufficiently master!!!
Once got to master my main setup I will definitely go back and feed my passion for trading trying to improve and implement it.


Execution detail:

Date/time Symbol Side Price Position
2020-01-07 10:06:15 WDC buy $66.020 long
2020-01-07 10:07:05 WDC sell $66.380 long
2020-01-07 10:09:05 WDC sell $66.530 long
2020-01-07 10:10:06 WDC sell $66.680 long
2020-01-07 10:10:08 WDC sell $66.680 long
2020-01-07 10:12:36 WDC buy $66.389 long
2020-01-07 10:21:53 WDC sell $66.580 long
2020-01-07 10:29:22 WDC sell $66.900 long
2020-01-07 10:36:31 WDC sell $67.180 long
2020-01-07 10:38:18 WDC sell $67.380 long
2020-01-07 10:42:33 WDC sell $67.580 long
2020-01-07 10:53:20 WDC buy $67.000 long
2020-01-07 11:19:34 WDC buy $67.530 long
2020-01-07 11:29:38 WDC sell $67.490 long
2020-01-07 11:31:33 WDC sell $67.480 long
2020-01-07 11:32:24 WDC sell $67.380 0


Comments

Gravatar cfo9
2020-01-07 23:12:31
 

solid entries especially for not consulting the tape. awesome to hear about you and your mentor, i'm excited for you & your future, keep up the hard work my man

2020-01-08 10:39:50
 

Thanks mate!! Let's gooooo!!!!!

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