WORK Trade on Sep 9, 2020 09:43 from Cklamb: Tradervue User Stock Trades.

Trade Reviews
WORK
Intraday Fundamentals
• Slack Technologies’ status as a work-from-home star was sketchy early on in the pandemic. Now, the software maker’s fiscal second-quarter results reported Tuesday make that title even more questionable.
• Not that 49% revenue growth year over year is anything to sneeze at – especially given the economic pain being shared across many industries. Slack’s revenue for the quarter ended July 31 also came in about 3% above the high end of the company’s projected range of $206 million to $209 million . The maker of workplace collaboration software tools also projected a revenue range for the third quarter a bit higher than analysts had forecast.
• But billings – a measure of business actually transacted during the quarter – rose only 25% to $218.2 million . That was about 3% short of what Wall Street had anticipated and represents the company’s slowest billings growth to date. Slack also said on its conference call that billings in the current period are expected to grow at a similar sequential rate, as the company says it has continued supporting “distressed customers” with more flexible financial arrangements. That projection implies another shortfall to analyst targets.
• Slack’s heavily shorted shares slid nearly 20% in after-hours trading following the report, which will cost the stock almost all of its gains for the year.
• Such a selloff may seem an overreaction considering the beating the shares already took after the company’s previous results in June. In the three months between that report and its latest on Tuesday, the stock had shed 23% of its value, even as most other cloud software stocks have soared.
• But Slack has long occupied a unique position even among other Silicon Valley software upstarts in that the company has an ultra-ambitious goal – to replace email as the business communications medium of choice – and a very large competitor highly focused on taking its business. Microsoft has spent the pandemic relentlessly marketing its Teams platform against Slack. Slack fired back in July with an antitrust complaint against Microsoft in the European Union .
• That could prove a smart tactic, testing Microsoft’s position as the one tech giant that has so far been spared from the growing tech-lash. But such legal maneuvers take years to play out. Slack won’t have that long to show that it can better capitalize on its promise in a world that should be working largely in its favor.
Technicals
ADV 17.09m RVOL 2.07 BETA ATR 1.65 Short 13.6% Inst Own 85.4%
Daily Chart

Hourly Chart

Intra Chart

Trading Strategy
• Long if this holds above 25 or breaks with strength then pick it up on the retest of 24.90
• Range between 23.25 and 25 settling either in the top end above 24 or low end under 24?? Work the range
• This is off over 20% which would suggest this closes higher than it opens today
• The VWAP flush of 24 would set up the one for one scalp off VWAP to the down side
• Spiking above 24.80 would set up the VWAP scalp to the upside with a better chance to hold if it looks like it will close higher
• Stay away if the drops 23.27 unless it gives a clear trend
Reading the Tape
NA
Trade Management
Trade Notes
This gave the break of the PM high. I set the limit at VWAP @ the time and triggered. I had set this stopping out at 24.19. The proper stop for this set should have been 23.98. This immediately went my way giving a chance to clear some. It would then dump 50 cents into the lower 30s. I felt that this may not work and adjust my stop to the new swing low. This would get hit right before making the turn to the morning High at 24.21. I need to stick to the game plan as this is the trade I am trying to test most frequently.
I worked a VWAP short after it took out what I made up to be the PM low. I cannot make up a level. I feel like the prior trade gave me a short bias when it should not have considering the original gap. This was executed nicely though. The risk was set above a dumping candle. This would have set me up for a 2 for trade looking for a new LoD and the break of the PM Low.
It is ashamed that neither of the profitable were defined on this. I did a long on the level that was matching up closely to the PM high and got a solid scale winner on that one. It may have had more. I was countertrend at the time and protecting myself from giving back which it would have before moving higher.