AMD Trade on May 12, 2020 09:31 from J_Matrix: Tradervue User Stock Trades.

AMD had a massive run up day prior and finished in the upper 25% of it's range. I was looking for a 2nd day play continuation to the upside in accordance to the usual 2nd day plays from the playbook. QQQ was super strong as well along with other big name tech stocks.

AMD had already gapped up premarket which was a good indication of strength. This is a bullish retest gap so the opening drive should be looking for a profit taking pull at the open as usual with a predefined resistance. The premarket high level was tested before open and wasn't able to break out at 56.50. That was my risk point.

At the open AMD pushed up towards 56.50 and faced a lot of selling pressure, I started short on starter size and got stopped out. It turned out I was faked out and the stock immediately started to pull. But because of my stop out, I thought AMD showed strength so I tried to buy the next pull back into prior support only to get stopped out again.

By 950am, I dropped the idea of trying to buy the falling knife and waited for the selling to subdue. Eventually AMD held at 55 which was a psychological whole number. The tape started to show that buyers were coming back in and that's when I started to buy again. The goal is to bring it back up to VWAP.

Managed the trade and buy it back in scalps back to 56 where by then, the buying subdued and I basically called off the day when 56 refused to reclaim and continue at 11:35am.

What made the long work so well was that the stock sold off very quickly and excessively (20 minutes) to key support level. Once the tape indicated that sellers are done, the retrace back to VWAP was basically a given.

I wished I was able to get that opening drive short though. The stop out was unavoidable.

Shares Traded: 11200
PNL: 205