Shared by
beno
Fundamentals
N/a
Catalysts / News / Painting the picture
-Uber Q4 earnings: Ride sharing profitable but not Uber Eats
-March 4: CEO says COVID-19 affects ride-hailing profits but is good for food delivery business
Technical Analysis
-Gapped down with market below important 32 support level
-Levels: 30.50, 31, 32, 32.50
Original Plan / Strategy
FT-15 test short of 32 technical level
Review
Stock went further than I anticipated (due to the strong market) and I had to stop out due to my bad average because I started scaling too early. I should have scaled in starting at 12 and my market structure stop should have been above 32.50. I also used to much size in this setup, I didn't follow my sizing guide!! Also, since UBER was about to test the prior close level I tried the trade again with just 1 lot but I stopped out of that as well
Lessons Learned:
1. A FT-15 setup should have a market structure stop from the 15 minute chart!
2. For FT-15 setups, scale from the main level to a sub level and employ a market structure stop!
3. Don't deviate from your sizing guide!
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2020-03-06 10:28:55 | UBER | sell | $31.790 | short |
| 2020-03-06 10:29:33 | UBER | sell | $31.860 | short |
| 2020-03-06 10:30:03 | UBER | sell | $31.920 | short |
| 2020-03-06 10:30:21 | UBER | sell | $32.000 | short |
| 2020-03-06 10:37:47 | UBER | buy | $32.105 | 0 |
| 2020-03-06 10:38:43 | UBER | sell | $32.210 | short |
| 2020-03-06 10:39:28 | UBER | buy | $32.295 | 0 |
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