SHAK Trade on Jan 15, 2020 10:57 from Defy: Tradervue User Stock Trades.

This was day two of shake shack‘s run. It was a gas up from the previous day and had the highest volume since the large gap down in November.

Started in a short at $69.76. Ended up being too early on this position. I knew there was a chance for another push towards the $71 area but wanted to have a position in place if this took a dive. Ended up covering at $70.22, a lot of volume started to come in and it looked as though it is going to run. Did not want to get caught in this where I’d have to do a multi day hold to get out green. Another factor in deciding this was not the right time is too short what is the fact that it was before 12 PM and historically enclaves like this if they have been sitting around a consolidation point and are very green on the day there’s a good chance it’s not done to the upside.

Ended up switching bias, going long at $70.77 for a $.15 win. I knew that 71 had a lot of resistance and there was a good chance it wasn’t going to pass but if it did I wanted to have a position under that area to catch a potential 50 Cent move. As you can see it ended up showing large wicks on the one minute right around this area which to me was presenting weakness so I sold my position.

I ended up switching bias for a second time back to short. Nailed the first short for around a $.17 game, still wasn’t completely convicted to the short side due to the time of day. Ended up stocking the play and seen it making lower highs, took my second opportunity on the backside into the pop at $70. Felt confident with the direction it is changing and the ramp up in volume to the downside. Ended up covering at $69.10. Overall solid play, I feel I read the chart quite well