MTCH Trade on May 7, 2020 15:56 from tradelikelarry: Tradervue User Stock Trades.

Trade Planning:

• 1h Chart: Uptrend, Consolidation below recent highs.
• TTM Squeeze: n/a
• Earnings Date: Post Earnings

Reason For Entry:

• Playing 1h chart. MTCH is in a pattern of consolidation below recent highs. It is at a key support level at the 21ema. Order filled for 1 contract and risking .5% of portfolio. Will add to position if price consolidates above the 8 and 21ema. Watching for MTCH to make a move to $100. Really nice risk to reward on this one. 5/8 - Price made a strong move lower and retraced back to the 8 and 21ema. I got filled for another contract at that area. Price then faded the rest of the day. The position remains open over the weekend but thinking back, I should have waited for price to close a 1h candle above the 8 and 21ema (strength) before adding to the play. Will see how this trade plays out.

Reason For Exit:

• MTCH continued to fade as the market rebounded today. Closed the trade for a loss as price consolidated below the 8ema and 21ema.

Recap:

• The entries were at the correct level as price was honoring the 21ema. Price faded below the 8ema and 21ema as the market rebounded today. I followed my rules and closed the position for a loss (less than 1% of portfolio). I could have been more conservative and waited for a 1h candle to close above the 8ema before adding to the position (the 8ema was a strong resistance level). Overall the setup was correct and the pattern failed. On to the next one.