Shares traded: 480
Closed Gross P&L: $13.08
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
• 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%
• 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
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.
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes just a few seconds to sign up, and it's free!
You can write your trade notes and comments using markdown syntax for links, images, etc. Some quick examples to get you started:
For other options, see Markdown syntax documentation.
Note that normal HTML tags are not supported in Tradervue.