Shared by
spyrosz
Can't get much easier than that...
Getting "short":
-- in the weakest name of one of the weakest sectors (financials)
-- have market alignment
---> cruise-control short.
Had JPM and WFC on main watchlist for a "short" trade today. I liked WFC better than JPM:
-- trade below $25 major daily support was clean with gap-fill to $24.5!
-- weaker name overall, weaker daily chart
Opened weak, flushed in-front of S1=$25, couldn't bounce, formed a perfect VWAP triangle support break pattern.
Got short Tier 0, risking HOD=$25.3, added more as price was getting tighter btw VWAP (resistance) and $25 support, added last piece at the break through the $25, targeting S2=$24.5, and S3=$24.
Covers at $24.7-24.75, $24.6, $24.5s...Held small for the extention lower, best cover at $24.4.
Didn't hold for a swing because market rotation (from tech to other sectors) may be starting...
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2020-07-07 09:46:38 | WFC | sell | $25.050 | short |
| 2020-07-07 09:50:12 | WFC | sell | $24.990 | short |
| 2020-07-07 10:06:41 | WFC | sell | $25.010 | short |
| 2020-07-07 10:17:20 | WFC | sell | $24.980 | short |
| 2020-07-07 10:17:20 | WFC | sell | $24.980 | short |
| 2020-07-07 10:57:07 | WFC | buy | $24.780 | short |
| 2020-07-07 10:57:08 | WFC | buy | $24.780 | short |
| 2020-07-07 11:19:16 | WFC | buy | $24.855 | short |
| 2020-07-07 12:34:49 | WFC | buy | $24.710 | short |
| 2020-07-07 14:10:32 | WFC | buy | $24.640 | short |
| 2020-07-07 14:31:05 | WFC | buy | $24.560 | short |
| 2020-07-07 14:48:08 | WFC | buy | $24.510 | short |
| 2020-07-07 15:12:35 | WFC | buy | $24.430 | short |
| 2020-07-07 15:54:46 | WFC | buy | $24.410 | short |
| 2020-07-07 15:54:57 | WFC | buy | $24.430 | 0 |
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