LVGO Trade on Jul 10, 2020 12:56 from CapitalMastery: Tradervue User Stock Trades.

Summary

This was another first red day parabolic dip buy/bounce, similar to the NIO trade earlier in the week. Although I wasn't as convinced of this trade, it's yet another reminder of how well these setups work. This is def a playbook trade, and it actually presents itself more often than I realized. Basically, just need to stalk the symbols that shorts are tripping over, and wait for them to have the big red move everyone is anticipating. Just have to be cautious and actually wait for the panic selling to come in, which in this trade was the 12:50 5min bar; notice how distinct that red bar is to others. That's panic selling, which is where you can get some really great prices. Notice how the best prices were below the $104 whole number.

Did Right

• Acknowledged the move in real time, and waited for the panic to enter a position

Did Wrong

• Didn't have any wish orders out below $104, which would have been some killer adds. At the time I wasn't 100% in the move, but given that I had already entered a position, I should have felt comfortable with adds below $104
• Covered way too early. I really need to work on my Reasons2Exit for this playbook trade.

Improvements

• Be prepared with wish order entries for outlandish prices, worse case I don't get them. Either way, be willing to add into these moves as they're such high probability
• Work up a list of Reasons2Exit to help with extracting the optimal amount of PNL from these trades.