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Jul 27, 2020 12:40


Break Support Play VWAP

Intraday Fundamentals
• Second day play, good earnings report Friday but the company will delay the release of its newest chip
• FLUSHED 50 at the open but closed mid range with resistance @51.50
ADV 25.13 RVOL 7.88 ATR 2.12 BETA .79 Short .79% Inst Own 67.8%
Daily Chart

Hourly Chart

Intra Chart

Trading Strategy
• Expect this to range between 51 and 50
• If this hold 51 out of the gate and moves higher set up for a short as it approaches 52
• If this holds above 52 for 15 to 30 minutes start looking for the longs using 52 as your line to find market structure
• If this test 50 and holds, try to catch a pull back after it flushes and starts higher( See Friday)
Reading the Tape
I worked on a tape read out f the gate when this thing sold off when I was expecting for a mover higher to start. I did catch a large set of offers later in the day as this was hold above VWAP but resisting 50.50
Trade Management
Trade Notes
I did use the tape to look for a bounce scalp at the open. I did manage to catch the stall just above 50.50 and is slowed and then started to move away. It was not a planned trade. I do not feel like I was prepared to hold this and it shows. There was solid market structure stop here that would have set up for about 9 cents of risk.
I did attempt to work VWAP on the pullback the trade started to work and then pull back in on spike leading me to flatten. This was a VWAP stop that I needed to let work.
I got sized down quick enough to make this work.I was thinking that i missed the momentum and was trying to get back in. I went in with size and got small quick in order to get this to work with out giving back.
This was really nice confluence with this resting in consolidation just above VWAP and underneath 50.50 and in play level for the morning session. I wish i could have stayed bigger here.

Execution detail:

Date/time Symbol Side Price Position
2020-07-27 12:40:45 INTC sell $50.390 short
2020-07-27 12:41:37 INTC buy $50.360 short
2020-07-27 12:41:53 INTC buy $50.350 short
2020-07-27 12:42:21 INTC buy $50.360 short
2020-07-27 12:45:14 INTC buy $50.300 short
2020-07-27 12:55:22 INTC sell $50.230 short
2020-07-27 12:56:55 INTC sell $50.280 short
2020-07-27 13:01:35 INTC buy $50.215 short
2020-07-27 13:04:21 INTC buy $50.175 short
2020-07-27 13:51:26 INTC buy $49.990 0

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