MRNA Trade on Jul 16, 2020 10:15 from CapitalMastery: Tradervue User Stock Trades.

Summary

This was actually a fairly well executed short trade. This might be my best trade of the day.

Did Right

• After taking a long trade on the way up, traded MRNA short on the way down. Stayed open minded, and took trades based on price action/entry signals.
• Although I jumped the gun a little bit, I did wait for a reversal entry trigger to open a position.
• Added to my winning position, once the trade started working.
• Took profits on dips, and added into spikes
• Took final profits off on flush into $81, which was morning resistance and the 1min 200ma

Did Wrong

• Entered the position a bit early, before the entry signal had fully confirmed. It was on it's way to trigger the entry, but it hadn't quit made the lower low. By not waiting, I took on unnecessary risk, as it didn't even help me get better prices. I could have gotten just as good or better entry prices after the entry signal triggered.

Improvements

• Be a little more thoughtful on planning my exit targets, and have wish orders out there waiting to be filled.
• Try putting wish orders behind whole/half numbers, just beyond my target price, in case the price flushes. Can always cancel those orders can fill earlier if needed.
• When trades are working, look for reasons to size up, and go max size
• While my final exit was perfect, I didn't know at the time, that MRNA wouldn't continue going lower. I should have held a core, and waited to be stopped out, which in this case should have been once the 1min 20ma was breached, and then held/supported the pullback, with wicks being bought up. Could have gotten almost as good of exit prices, but with the added bonus of catching more potential downside, should MRNA have kept flushing down.

Next Trade

MRNA is still up quick a bit, and I would expect the gap to be filled at some point, but I feel it could go either way from here. Either it fails on open, and tries to retest the $75 level, and potentially lower, or it's catches sympathy support from NVAX and sparks another move back up to the highs. Will stay opened minded, and let PM and opening price action drive any trades.