Shared by
spyrosz
Main short idea of the day (tried it yesterday as well, Tier 0 loss).
Nice daily, looking tired after providing soft guidance on earnings.
S1=$254-254.5 was major daily support, S2=9SMA@weekly=$252, then open road to S3=$242...
Opened above S1, tried to rally, but got rejected quickly, lost VWAP and started holding below m.average. Extreme+obvious relative weakness vs overall market which was pushing higher at the time.
Got short filler, risking pivot/wick above VWAP $257. Added more as it was creeping towards S1 and tape became more+more weak. Added momo tier once it broke below S1, retraced but got rejected on the previous support lvl. Target was 9SMA@weekly=$252, then $250. I didn't think SPOT could sell-off all the way to $242 (ultimate target of trade) on such a strong market tape.
Covered whole position in-front of the 9EMA@weekly=$252.
(-) Should have kept small size with a bid at $250. SPOT LOD=$250.03 today..Damn.
Remains on watch for the move to $242. Needs market alignment+RVOL>1.0 to attract momo.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2020-08-04 10:26:22 | SPOT | sell | $254.950 | short |
| 2020-08-04 10:55:39 | SPOT | sell | $254.630 | short |
| 2020-08-04 11:07:39 | SPOT | sell | $253.780 | short |
| 2020-08-04 12:08:25 | SPOT | buy | $252.210 | short |
| 2020-08-04 12:28:56 | SPOT | buy | $252.430 | 0 |
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