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Jul 17, 2020 09:31


Hold Prior Day Support Play

Intraday Fundamentals
• Fast Money mention last night
• Technical set up. Spiked through April high falling just short of 22.50
ADV 15.72 RVOL 3.42 ATR 1.54 SHORT 28% Inst Own 10.30%
Daily Chart

Hourly Chart

Intra Chart

Trading Strategy
• This should gap 50% of the gap. This would line up with yesterday’s HoD and about 50% between the close and 23 where it is trading currently
• Long at 22.20 risking 21.40 holding for 23.50 if this does base at or just above yesterday’s HoD
• 21.50 is possible on the spike below 22.20, so if the momentum is there to break 22 at the open look for the deeper long adjust to the risk to 21 depending on entry
• Shorts are counter trend and should be scalps unless the sets a downtrend, late day shorts if this does stay strong the throughout the morning and lunch sessions
Reading the Tape
Out of the gate, I was watching this and was planning on waiting out the first candle. It was a quick spike on the tape to the LoD and watched it start changing on the tape not giving up 22.37.
Trade Management

Trade Notes
I had a plan to try and take this at a gap close and caught this on the tape a little early than I was hoping for but the did bounce. The plan was to try to hold until 23.40 and took it off to early. But, I did end with 3 for 1 even though there was more there. I would say this was a good trade just due to it being a planned trade at about the time I would have expected and executed with some help of the tape.
I started watching this after if had put in back to back higher lows bouncing off VWAP both times. I watched this spike above 23.40 and waited to see if it would pull back which it did and held 23.26 for a good couple minutes. I took this as the moved away. It stalled a bit as it hit 23.50 and came back prompting me to take the partial at 10 cents and another just above .50. This ran well and when I went to adjust i used a market structure stop thinking it would have plenty of room. but it pulled back just enough to tape me out before I could get the run through to 24. This was pretty well managed trade.
I was following some momentum off 24 thinking that this was strong enough off VWAP that it would follow through to a new HoD. I would work this level a couple of times here and missed a couple of good tape reads. I would miss a solid VWAP support play that I would hit for a fraction of what I could have if i had not froze when tis was trading at 23.66

Execution detail:

Date/time Symbol Side Price Position
2020-07-17 09:31:28 SPCE buy $22.397 long
2020-07-17 09:32:08 SPCE sell $22.555 0


Gravatar masonjarnard
2020-07-17 18:07:15

Gotta hold or get back in, you nailed the initial entry

2020-07-18 10:19:26

Yeah..I did not stick to the plan for sure.. I hit this on the full break over the PM high later. But, the plan was to hold this trade to just under the PM and look long again later.

My AM note"• Long at 22.20 risking 21.40 holding for 23.50 if this does base at or just above yesterday’s HoD"

It did not really base, but that should not have made a difference to the management of the trade.

Thanks for the time :)

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