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Shared by
Cklamb

 

WORK

Mar 26, 2020 09:31


Shares traded: 600
Closed Gross P&L: $5.58

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Opening Drive Long

I started with a delayed attempt at opening drive on this series. I took the quick win and tried again when I shouldn't have took a hit on the pullback. I started taking quick longs as it bounced off 27.25 at 27.50 and did not have the nerve to let this bounce around a little bit. But, I reclaimed with quick longs of .50, .75 and 28.00.

**
Trade Review

WORK
Total gain/loss: $31.65 Largest gain: $9.28 (show)

Average daily gain/loss: $31.65 Largest loss: $-3.43 (show)

Average daily volume: 3980 Average per-share gain/loss: $0.02
Average winning trade: $3.08 Average trade gain/loss: $1.76
Average losing trade: $-1.68 Trade P&L standard deviation: $3.02
Total number of trades: 18 Profit factor: 4.77
Number of winning trades: 13 (72.2%) Average hold time (winning trades): 10 minutes
Number of losing trades: 5 (27.8%) Average hold time (losing trades): 3 minutes
Max consecutive wins: 9 (show)
Max consecutive losses: 2 (show)

Average position MFE: $3.83 Average position MAE: $-2.01

Intraday Fundamentals
• 20 AM EDT, 03/26/2020 (MT Newswires) -- Slack Technologies (WORK) reported pre-market Thursday an increase in the usage of the instant messaging platform in March as well as a rise in new paid customers.
• Simultaneously connected users increased to 12.5 million on March 25 from 10.5 million on March 16. Returning teams, a metric that gauges the growth of newly created work teams, increased by more than 120% in Italy, 34% in Japan, and 33% in Korea in recent weeks.
• The company also said it added 9,000 new paid customers from Feb. 1 to March 25. During the same period, average use of the messaging platform climbed by about 20%.

Technicals
ADV 13.19 RVOL 1.06 ATR 2.82 Short 13.39% Inst Own 74.4%
Daily

Hourly

Intra

Trading Strategy
• Strong performance the last couple of days,
• Watch for retest gap and look for a long
• 27 or 27.50 are the areas of support to look for from yesterday
Reading the Tape

I have not been reading the tape that well. There are certain times that it seems you can see obvious points of change. But, these things seem to be changing on a dime or when tape was not showing any sort of support or resistance.
Trade Management

Trade Notes
• I started with a delayed attempt at opening drive on this series. I took the quick win and tried again when I shouldn't have took a hit on the pullback. I started taking quick longs as it bounced off 27.25 at 27.50 and did not have the nerve to let this bounce around a little bit. But, I reclaimed with quick longs of .50, .75 and 28.00.
• This was a far better opportunity to take it long. I felt like this was going to tap the SMA and move back into VWAP before it bounced. I was not open minded enough to see that both one-minute candles prior to my entry found solid support 28.21.
• I should not go long after 5 minutes of momentum as we start to test a level. I was playing for this to at least extend to 28 for a partial and hope that it would break 28 after a small pull back to my entry point. but, this was a FOMO trade after missing the short and watching this pull away.
• I triggered this short when this failed to reclaim .50. I was a little late after the rejection. I still got a quick move and a solid partial. I was set up to get the test of VWAP. Once I had the solid partial I lowered into .32 on the remainder and gave this almost 12 cents to play for the flush.
• I really like this set up on a strong stock. this is a set up that I should be bigger in most of the time. This will also take a little more patience than I have been giving trades recently.
• I shorted this into a short term down move as it rejected the SMA and tried to stay short until it moved back above with some strength. I only too a third off as this was coming the HoD and the logical to me at that time was for this to move into 29 not stop at 29.20. I gave back a little more than I needed to here because I only took of the third.
• This was a hack fest here. I have been trying to play .75 as a level a lot lately looking for the move back to the level of resistance. This would have been a better set up if I would have triggered at the tap of the SMA @29.60.
• This was a home run momentum short. I was just freaked out about what happened at .60 in the series of trades before this and bailed way to early. I am chasing nickels!!!
• A little bit of a VWAP support play on momentum. I was looking for this to break 29.50 again as this was starting to look like it may stay in a trend higher. However, I was quick to bail as the it rejected .50 due partial to a suspected lower high on the last spike.
• Right idea, really poor patience and execution here. I am trade these higher spreads without a lot of confidence.
• I flipped this from a long. There was something on the tape and the price action that led me to believe that this was losing strength above 28.50. But, I am pushing for tiny moves and that does have a higher chance of me blowing things like this up.
• I should have just tried to hold the first long here. I am getting a bit better at that. But, I do need to remember that is why I am taking quick partials is to cover the risk on the remainder, In this case, the one third partial at .66 would have left me a stop just below .50 living a very small lose and not as many liquidity fees.
• Foolish trading here. It did not extend lower. I should not have gone after this with five minutes of momentum already in the books.
• Wow, Late in the day p7l management.. stupid.. there was atone more here and it was easy to see. I am chasing nickels!!!


Execution detail:

Date/time Symbol Qty Price Position
2020-03-26 09:31:14 WORK 30 $27.856 30
2020-03-26 09:31:31 WORK -30 $27.941 0
2020-03-26 09:31:47 WORK 10 $27.975 10
2020-03-26 09:32:33 WORK 10 $27.600 20
2020-03-26 09:32:45 WORK -20 $27.382 0
2020-03-26 09:33:49 WORK 50 $27.500 50
2020-03-26 09:33:53 WORK -50 $27.527 0
2020-03-26 09:34:41 WORK 50 $27.745 50
2020-03-26 09:34:45 WORK -50 $27.770 0
2020-03-26 09:35:12 WORK 50 $27.930 50
2020-03-26 09:35:20 WORK -50 $27.985 0
2020-03-26 09:35:42 WORK 50 $28.200 50
2020-03-26 09:35:53 WORK -50 $28.215 0
2020-03-26 09:37:44 WORK 50 $28.282 50
2020-03-26 09:37:53 WORK -30 $28.345 20
2020-03-26 09:39:21 WORK -20 $28.440 0


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