SQ Trade on May 8, 2020 09:18 from Donutbreath: Tradervue User Stock Trades.

First time playing SQ. Identified in EOD scan last night with 2x daily average volume, earnings reaction. SPY Saw a gap up open and consolidation after it was unable to break high of PM.

Bought first position on SQ pre-market as we looking for a 4h HL. Price continued to dump with SPY in the opening few minutes, with 15m getting OS to the low 20s, along with the 5m. I entered another position at 72.50 as 15m was badly OS, along with the 5m, with a final bid at 72 which didn't get filled. Price paused and held the low while SPY continued lower - bullish initial sign. SPY hit OS on the 5m and started to bounce, SQ reacted positively and started to bounce. Due to my early position PM and the lack of the 72 bid filling i sold 1/2 at break even to remain protective, willing to add if we saw another quick flush below 72 where stops would be pooled.

Price bounced to the intraday pivot/200sma on the 5m (anticipated resistance) and passed/held initially. Price rejected from the DM intraday pivot and pulled back. I was looking for a 5m HL to add to my position, as the 4hr HL looked to be set with the significant bull volume on the bounce off 4hr 8ema. Price also held VWAP on the 5m. I played a quick flip on a 2m HL, then when price tested and bounced on VWAP, i used that 5m HL as my stop.

Price broke VWAP and sold off. I tried another flip due to r:r and was stopped out.

Review: I like my first entry into OS conditions and my bid for the final position with badly OS 15m HL. IF that positioned filled i would have been very comfy to hold longer. Selling 1/2 at break even due to my earlier PM entry and missed fill was also correct. I should have sold partial into DM P as price and volume slowed significantly - i knew we likely needed a 5m HL anyway, so selling 1/2 of remaining position to capture those profits would have been fine after a 1.5-2% move. Waiting for a 5m HL for a stop and potential re-add would then be suitable. We buy at support and we sell into resistance!