CVS Trade on May 6, 2020 14:03 from Cklamb: Tradervue User Stock Trades.

CVS
Statistics
Total gain/loss: $14.01 Largest gain: $13.10 (show)

Average daily gain/loss: $14.01 Largest loss: $0.00
Average daily volume: 260 Average per-share gain/loss: $0.11
Average winning trade: $7.01 Average trade gain/loss: $7.01
Average losing trade: n/a Trade P&L standard deviation: $8.61
Total number of trades: 2 Profit factor: n/a
Number of winning trades: 2 (100.0%) Average hold time (winning trades): 25 minutes
Number of losing trades: 0 Average hold time (losing trades): 0
Max consecutive wins: 2 (show)
Max consecutive losses: 0
Average position MFE: $10.50 Average position MAE: $-0.14

Intraday Fundamentals
• Shares of CVS Health Corp. (CVS) surged 4.7% in premarket trading Wednesday, after the drug store and health care benefits company reported better-than-expected profit and revenue, as its pharmacy and retail business got a boost from the COVID-19 pandemic. Net income rose to $2.01 billion , or $1.53 a share, from $1.43 billion , or $1.09 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share grew to $1.91 from $1.62 and topped the FactSet consensus of $1.62 . Revenue rose 8.3% to $66.76 billion to beat the FactSet consensus of $64.08 billion , as revenue for the pharmacy services, retail and long-term care and health care benefits businesses all rose above expectations. The pharmacy businesses benefit from greater use of 90-day prescriptions and early refills amid the COVID- 19 pandemic and retail benefit from increased store volume as consumers prepared for COVID-19 related lockdowns. CVS affirmed its 2020 adjusted EPS guidance range of $7.04 to $7.17 , which is above the current FactSet consensus of $7.02 . The stock has declined 17.6% year to date through Tuesday while the S&P 500 has lost 11.2%.
Technicals
ADV 11.49m RVOL.68 ATR 2.13 BETA .71 Short 1.16% Inst Own 79.8%
Daily

Hourly

Intra

Trading Strategy
• A possible scalp long off 62 as a support 2 trade.. play back into VWAP and or the SMA as a target
• If this moves to gap close, it may find strength at 62.50 watch for a holding pattern here and see if you can work it long
• If the market is weak as this holds @62.50 consider the short back into 62
Reading the Tape
I cannot say that this gave me a lot of clues tape seems mostly as it moves. I would guess that I may be missing some stuff due to the fact that this is a slow mover and it is a little harder to watch the tape.
Trade Management

Trade Notes
I took this first trade off 62 after watching it hold a level off the hourly chart just under 62 at 61.90. This level had been in play 4 day out of the last 16 on wicks or bodies on the hourly. The scalp long off of prior day high was still the better play here. Although, for some reason i did not have that level marked. But, it would have added to the conviction of trying to take this long at 61.90 instead. Plus, I was watching this on side screen on 5 minute and the action breaking 61.90 was not as clear as it was on the one or the three minute chart that I ended up using to manage the trade.

The first trade was a text-book 10 cent risk set up off 62. A little shallower risk than was actually needed. This slowly ground higher and start to stall at .15 and I took a partial at.13 and pulled the risk into .99 and I trailed the stop as it held every started to hold the next 5 cent increment and manage to pull it up to .29 looking for a break of 62.50 which got tapped with a bad fill. A solid trade set up for a possible continuation.

It was the fomo on the second trade thinking I had something that was reversing of some stronger levels that I let ride even though I should have waited for some kind of hold at .20.
I had a runner that I could let roll much farther. I even had it stopped at target. I moved it closer as .50 held and got tapped not long before the huge dump. But, the prior longs set me up to be able to take this and hold for decent partial and at that point this was just a home run. I got better than the target when I took most of the remainder off and set up for the 20% runner that was there if managed a little looser.