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Jun 2, 2020 15:28

Shares traded: 480
Closed Gross P&L: $13.08


Tape Read Momentum

Total gain/loss: $16.05 Largest gain: $13.08 (show)
Average daily gain/loss: $16.05 Largest loss: $-9.59 (show)
Average daily volume: 2448 Average per-share gain/loss: $0.01
Average winning trade: $4.57 Average trade gain/loss: $1.15
Average losing trade: $-5.02 Trade P&L standard deviation: $5.93
Total number of trades: 14 Profit factor: 1.64
Number of winning trades: 9 (64.3%) Average hold time (winning trades): 3 minutes
Number of losing trades: 5 (35.7%) Average hold time (losing trades): 4 minutes
Max consecutive wins: 3 (show) Max consecutive losses: 2 (show)
Average position MFE: $4.43 Average position MAE: $-6.46

Intraday Fundamentals
• Cowen & Co. analyst J. Derrick Wood initiates coverage on Slack Technologies (NYSE:WORK) with a Outperform rating and announces Price Target of $45.
ADV 16.045m RVOL 1.13 BETA ATR 1.82 Short 8.33% Inst Own 69.9%



Trading Strategy
• Long at 38.50 if this does come back and holds this as the IPO opening print
• Short 42 as the opening day high
• Long 36 if the profit taking starts in the opening session, look for this around 830
• VWAP Tests
• Long or short tests of the opening range
• SMA momentum plays after a level has reached and a reverse looks probable
Reading the Tape

Trade Management

Trade Notes
9:30 I did not stick to the plan. I had not put down to try and long this out of the gate on the opening day print. But, I did on some perceived strength coming off 38. I did start to add small off a bounce at 37.50 (twice) and once more on the bounce @37. I was on edge. I tried to hold the last add through the 37.50 mark. I think I talked myself out of taking it at that level and then gave it in to early. I should have been adding when I took this off especially if I would have taken the partial on the first bounce. After that, I would say the made sense and the failure just above 38 was a good read .
10:18 I would try to set up for the break off this 38.30 ish level a few times. These attempts would be cost me a few times.
10:18 This was good set up off VWAP. I was looking for way more. There just did not seem to be enough strength as this overcome 83 again to move. I decide to lighten up above 38 filled just under and decided to take more off to give what i had left a little room to work. I bailed as this could not move above 38.10.
10:59 A really solid trade. I played this as a resistance play knowing that this level had supported the trade I made earlier in the morning. I held through the spike above and though about taking it closer to 13:10. I was looking for something to add conviction. I needed to hold this until 37.50 though. The stall at .75 lead me to drop the stop.
13:06 I figure after the strength moving back into that this may be the closest it would move back into VWAP. I tried to take it as it was holding at the SMA as a guide. I kept the risk tight hoping for something on a 3 or 4 to one basis.
15:08 HACK TRADE!!
15:18 Tape read momentum to break resistance. A good chop with 5 cents risk. Maybe a little earlier...
I would finish out the day with a few larger hacks looking for pennies really. This is something I should try and avoid. But, the biggest P&L winner was tape read for 6 cents on a larger lot.

Execution detail:

Date/time Symbol Qty Price Position
2020-06-02 15:28:04 WORK 240 $38.153 240
2020-06-02 15:28:31 WORK -240 $38.208 0


Gravatar Feezy
2020-06-03 08:00:55

Are you journaling every day? How long have you been trading?

2020-06-03 11:35:16

I journal everyday yes. It includes goals, AM prep and trade reviews.
I post them here
I also talk about trading in a personal journal to help keep my things in perspective.

I have been at this consistently for about 16 months. I have still have a lot of work to do.

Gravatar luceric
2020-06-04 14:49:59

nice journaling, Highlander!
we actually can't see anything on your facebook link though, it's private. :P

2020-06-04 21:04:29

booo.. that kind of sucks .. I was hoping they were visible ..
a couple samples here!AuyM2QtYJp7-gfRsLJs6ajzxiS937A?e=ukmXAi!AuyM2QtYJp7-gfRkdTBoiqDKjSXEvg?e=HGiKMG

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