NTNX Trade on Aug 31, 2020 10:02 from WuManChu: Tradervue User Stock Trades.

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WuManChu

 

Idea, Entry, and Risk:

*Idea: FF vs high at 28.80,
*Entry: 28.50 (hit)
*Risk: (Starter) vs HOD (28.80s, +/- 0.30; 29s vs 27s)

2nd Shot -
*Idea: Fade off vs momentum up into 29s.
*Entry: 28.90 (hit) Near momentum drop off after fails against 29s
*Risk: 1:3 (vs HOD @ 29.32 : 27.64)

Catalyst and News:

Carryover momentum from announcement Friday of CEO retirement and Private-Equity Investment from Bain Capital.

Fundamentals:

Earnings at a loss but still higher than expected revenue last week despite overall decent company financials. High Market Cap and Sales but garbage book value lowered price targets (pre-news).

Technicals:

Daily chart indicates overextension and potential for a gap fill vs late February drop off.

Summation:

1st shot: Saw HOD test at 28.80s, took small position vs top at last weeks HODs. Very small position. Saw the triple top and fail and the bounce off of the 28.30s. In hindsight, this was closer to consolidation than fails, but still felt confident in my entry.

Saw it start to go up and waited a bit, then exited at 29.10s. Still had another trade available and felt I had the right idea, so I waited for another opportunity after it remained heavy vs the 29.30s.

2nd shot: Dumb stop placement attempt, accidentally set a limit cover instead of a stop order and exited after entry at 28.90, loss of about 6 bucks. Obviously not what I wanted, but the trade never went much of anywhere anyway. Was thinking the move might be today, but no such thing.

Takeaways:

-What's your process? Aim for low(er) float overextensions and wait for fades, or confirm trend joins/short squeezes and go long. Ticker is definitely extended but showed only weak signs of breakdown, is not a low float, and has stronger fundamentals. Don't ignore the news from previous days. Stay sharp.

-Don't burn two day trades in one day to take a second shot at an error if it hasn't confirmed. Don't waste your time.

-Remember to pull down the blinders on occasion. Though limited in ammunition, plenty of other moves occurred today, aside from the one I failed to grab borrows for (ss on XPEV), GME, VVPR, and other items were all in play.

-Calm down after a break, even if you're excited. Don't trip over yourself.


Execution detail:

Date/time Symbol Side Price Position
2020-08-31 10:02:39 NTNX sell $28.510 short
2020-08-31 10:08:07 NTNX buy $29.110 0
2020-08-31 10:32:24 NTNX sell $28.900 short
2020-08-31 10:35:51 NTNX buy $29.020 0


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