MRNA Trade on Jul 16, 2020 09:39 from CapitalMastery: Tradervue User Stock Trades.

Summary

Went into the day with a short bias on MRNA as I felt it was still up too much, and expected it would fill the gap. However, I was open and receptive to the price action, and noticed serious buying/strength on the open, so started looking for an entry signal. I initially jumped the gun on my entry, but quickly exited as I realized it was a mistake and wanted to actually wait for the entry signal. As soon as a 1min cup appeared, and the 1min 20ma held cleanly, and once the higher high was put in, I started another long position. Unfortunately I sold too quickly, and left another $2.25 on the table, but happy with the trade from a process perspective.

Did Right

• Traded per my playbook setup
• Scratched my initial entry when I realized I made a mistake, instead of try and make it work. This is always the right thing to do.
• Despite my short bias, I remained receptive to what the price action was telling me, and took a solid long trade.
• Had the 5min 20ma on my side for a long trade

Did Wrong

• Didn't take enough size on this trade, should have had another 1-2 lots at least.
• Exited prematurely, without a Reason2Exit. In these types of trades, where the 1min 20ma is quickly tested and holds, I should target a subsequent pull into the 1min 20ma for my exit. This would have helped me catch the meat of the move, and another $1.50 on this specific trade.

Improvements

• Use more size when the trades setup nicely
• Be thoughtful with you exit targets, don't just exit based on gut. Target something concrete that you can see on the chart; in this case a check-in back to it's 1min 20ma.

Next Trade

I have mixed feelings here. On one hand, I feel it's up too much, and a gap fill is in order. On the other hand, it looks like today was one big wedge consolidation, and after the awesome price action and PT upgrade for NVAX, MRNA could get a sympathy boost to spark the wedge consolidation breakout. Will need to let tomorrow pre-market and opening price action tell us which way the stock is going. If it holds above $82.50-$83 and can break above $85, I'm thinking long, but if it fails below, should retest $78 prior support.