GM Trade on Sep 8, 2020 10:30 from Cklamb: Tradervue User Stock Trades.

GM
Intraday Fundamentals
• General Motors is taking an 11% stake in electric truck maker Nikola, agreeing to build its hydrogen fuel cell electric pickup truck the Badger by the end of 2022.
• Nikola’s shares surged by about 45% in premarket trading while GM jumped by almost 9%.
• GM is getting a $2 billion stake in Nikola in exchange for in-kind services and will become the exclusive supplier of fuel cells globally outside of Europe to Nikola for Class 7/8 truck.
Technicals
ADV 14.4M RVOL .95 ATR 1.12 BETA 1.49 Short 1.35% Inst Own 79.3%
Daily Chart

Hourly Chart

Intra Chart

Trading Strategy
• A early flush of 31.50 would set up a VWAP resistance short if the momentum continues to weaken in the open
• There is an gap close long available between 30 and 30.25 watch for a flattening SMA on the 5 to reduce in trade time on this long keep the risk to 25 cents or less as target would be 30.75
• VWAP Tests
Reading the Tape
I thought I had something on one of the early HoD shorts as it could not break 31.50.
Trade Management

Trade Notes

VWAP Resistance - This is not the way I planned on shorting this if it broke 34.51. But, I think it was a decent adjustment with the strength as it bounce back into the opening print. In turn, this gave me tighter risk. However, I moved out earlier than I had planned either. this is a set up that I am working on. However, it did spike before it sold off into the open something to note if I am going to try and take this set up consistently.
Dumb.. I was tired of not trading I guess and marketed in this.
HoD Resistance - I shorted this as it broke down from a new high. It was setting up to give me a SMA entry. But, I ended up taking it after it looked like the HoD was at 32.25 was going to hold. It did not hold. This was a solid trade with a good plan. With 10 cents of risk I solid chance of 2 to 1 or better.
I have to avoid this trade! I was wrong prior and nothing changed on the tape or the chart.
Committed to being on tilt for a bit...
Just wow.. what hack fest to get to this.. I really should avoid shorting strong stocks or longing weak stocks.