Shared by
beno
Fundamentals
New company focused on long term growth in space exploration, no revenues, pure speculation.
Catalysts / News / Painting the picture
-Up swing fueled by below Dec 10 2019 Morgan Stanley comments:
-Morgan Stanley Bullish On Virgin Galactic, Says Space Tourism Is Incubator For Hypersonic Travel
-SPCE has caught the eyes of many traders lately, also been in the news as the stock to beat TSLA's run
-Moving with market lately
Technical Analysis
-Intraday pattern: Fade
-Levels: 17.8, 18.50, 19.15, 19.50, 20.50
Original Plan / Strategy
First test short of 19.50 with half dollar confluence
Review
Would have liked the stock to break below 19 before testing 19.50 so my conviction was smaller on the trade so I only took it with two lots. Stock went 30 cents higher than anticipated but I didn't add emergency lots. Took a smaller loss when I stopped out on the next higher low.
Lessons Learned: Always add emergency lots when the stock immediately goes against you and there is more resistance above/below!
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2020-04-16 10:58:15 | SPCE | sell | $19.520 | short |
| 2020-04-16 10:58:21 | SPCE | sell | $19.500 | short |
| 2020-04-16 10:58:21 | SPCE | sell | $19.505 | short |
| 2020-04-16 11:15:31 | SPCE | buy | $19.560 | short |
| 2020-04-16 11:15:41 | SPCE | buy | $19.580 | short |
| 2020-04-16 11:15:41 | SPCE | buy | $19.580 | 0 |
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