PTON Trade on Jun 15, 2020 11:39 from CharliePham: Tradervue User Stock Trades.

The Big Picture:
Friday market had a weak rally after Thursday's big selloff. The bulls failed to hold any gains and the VIX remained high.

Futures opened down and have dipped as much as 4%. 5% is limit down. Keep in mind a circuit breaker will trigger a 15-minute trading halt if the S&P 500 drops 7% or move.

SPY gapping down pre market after pulling back for 3 days. We are right under the 200 day moving average at 300 and we will want to see these levels hold for more follow through or else we could see some more decline. Many stocks are gapping down but they are gapping into support/moving averages etc. The decline is mainly based on investor sentiment in the market right now and profit taking. The questions on everybodys mind is if this will be a new crash testing the low of march or just a small correction/pullback. The futures now at 15:00 - 30 mins before market open is at -2% and we will see how it reacts around the 300 level which is a major significant level that we are looking out for. If it cant hold this level then the next significant level will be at 294.

As you see from the chart above. SPY gapped down from 305 to 297, then it reversed at open all the way too 308. Thats a 3.85% gain today. The bulls came in and fucked the bears up.
This can also be seen in the VIX chart as it fell all the way from 44 to 34 (-22.79%).
This reversal in the market will have a huge impact on the future direction of the market.
The reversal was mainly due to the FED announcing that its buying up individual corporate bonds for the FIRST TIME in history that the FED purchased corporate bonds to help inject liquidity into the economy.

Monday’s stock market rally is a sign that the Fed’s aggressive actions are helping to boost investor confidence despite an uncertain economic outlook.

Intraday Fundamentals:
- Stock made a ascending triangle pattern and broke out of it. Was on my watchlist purely based on that reason. Major level was at 49.65 - i entered at 50.30. When i entered the stock had already ran 1ATR so aiming for a 50 cent move from 50.30 was not asking too much from the stock.

ATR: 3.24
R.VOL: 1.77
Avg Vol: 10.10M
Vol: 5.480M
Short float: 6.10%

• Well done:
  Saw the pattern and had patience to wait for the last candle there (indecision candle) to form. Also the next candle after that started out by heading lower but could not break the green candles low (the one before execution bar). This was a good sign that the stock would breakout. And it did. It started by heading lower but quickly reversed and broke out to 50.99 in 5minutes.

• Improvement Notes/Mistakes:
  If the pattern has formed then enter. Only cancel when the rules of the setups says so. I did that and that was why i got a win of this trade. Just stick to the rules and let the statistics play out.
  
  Criteria of the setup: " If at any point the low of the previous pivot is broken. Cancel the order!"

• What i learned from this trade:
  The patterns does not have to be picture perfect. As i see from the picture the HOD was at 50.40 and the entry for the position was at 50.30 - thats a 10 cent difference. Also the intraday resistance did not have 4 clean touches but they were 1-2 cents away. The most important thing to think about here that its a ceiling - a clear structure level thats been tested multiple times and if it breaks this ceiling then it will make a higher one.

Confirmations -
1: Forming at HOD
2: Broke out of chart pattern and major resistance
3: Forming at (just above) POC