CGC Trade on May 28, 2020 15:20 from beno: Tradervue User Stock Trades.

Fundamentals

N/a

Catalysts / News / Painting the picture

-May 15 2020: Weed sector stronger than SPY because of ACB earnings
-May 21 2020: NY post article: Scientists believe cannabis could help prevent and treat coronavirus
-May 28 2020: Earnings anticipation - reporting tomorrow morning

Technical Analysis

-SPY pattern: Mountain
-Intraday pattern: Runner
-Levels: 20, 20.3, 20.8, 21.4 - 21.5, 22

Strategy / Confluence / Sizing Guide / Risk

Strategy: First test long of 21.50 by 21.30 level
Confluence: Half $
Strike Zone: 21.50 - 21.30
Sizing (lots): 3
Risk (stop / Rs): Hold below 20.30

Review / Lessons Learned

OGT, used bullets that were twice the size so took setup with 4 lots technically (but still could have added a lot).
PA made a low of 21.31 and my emotions (fear) were high at this point because SPY was tanking on Trump / China news. This was my best R/R adding spot but I didn't take it, and it makes sense to add in the future when I'm in this emotional state, because the PA did not violate my stop (hold below 20.30) and I wasn't yet at full size.

Lessons Learned: When PA is near bottom of strike zone and emotions are high, and its still the First Test, add to your position! Its statistically the best R/R spot to add! (I can use my emotional state as a guide to when I should add)