FB Trade on Apr 27, 2020 09:46 from J_Matrix: Tradervue User Stock Trades.

Overall market snap shot on the day:
-- Stocks close higher, as more states and countries take steps to reopen economies
-- Sharp drop in oil prices (-24%), but energy stocks showed relative strength
-- Small-cap companies outperformed

FB Catalyst:
-Facebook Launches New Free Video Call Feature; Zoom Shares Dip 6%
-FB Messenger rooms will be launched and allow up to 50 ppl conferencing for free.

Intraday fundamentals & tecnicals:
-Press release came out late day last trading day and price action massive rally closing near the highs.
RVOL 1.20
ATR 8.03
Float 2.39B
Inst Own 79.10

Resistance: 197.24/194
Support: 192.47/190.07
Opening Print: 193

Thesis:
-Given how strong FB closed prior day on the news and finishing at the highs the prior day, I was looking for a 2nd day continuation play to the upside. The premarket opened strong as well and I took note of the opening print.
-Seeing how overextended to the upside it was from the prior day, I took note in my head that I didn't want to buy early as there might be overnight profit takers causing a big opening dip.
-I'm looking for that dip to settle and buy.
-I'm looking for price action to settle above VWAP before I buy.
-I'm looking for price action to settle above opening print before I buy.

Review:
-I think my entry timing was on point from a buyer's perspective. I made sure I had clear support levels below me. I made sure the prior action dictated an uptrend. I made sure that the tape was rolling with offers getting chewed up fast as I entered my positions.

-I think the mistake I made was misjudging the catalyst which caused me to have an over sighted long bias on the day. Yes FB is a huge company trying to get market share in the correct space of video conferencing during this quarantine and pandemic. However, I failed to think about how FB could also be a social media distraction in the work place. Many work places ban the use of FB during working hours and I don't think legit businesses would have took FB's new Vid Conf. idea into serious consideration. Hence I should have made a secondary plan to short this overextended action. What made the short idea even more difficult to comprehend was that the overall market S&P was very strong on the day as well showing signs of bullishness. I was looking for the market to also hold up the price action of FB.

-Took 2 tries on the long side with small size and failed. I stopped trading on the day because I felt that there wasn't an edge in the price action I was looking for on the day, and that FB was just stuck in a state of indecision.

-Knowing my own personal emotions, had I kept trying to trade more on FB I would have over traded and gone on tilt.

Shares traded: 400
PNL: -$139