Shared by
WuManChu
Idea, Entry, and Risk:
*Idea: FF at Key level, vs previous high
*Entry: Key level 29.90s
*Risk: 1:3
Catalyst and News:
Sympathy play with NKLA CEO step down, TSLA, and EV sector. Weak/heavy market + an overextended daily = shorting time.
Fundamentals:
Typical EV truck company with no sales and income in the toilet.
Technicals:
Overextended daily chart. Despite the higher short float (21.58%) and the tendency to grind up, this felt like it was coming after the breakdown from the channel around the 30.80s. No entry until after the 30.50s key level.
Summation:
-Entered vs secondary key level 30.20s after the FF just under the 31s. Entered again after the 30.20s pop/VWAP fail. Stayed heavy vs the 29.80s, based a bit, one more pop, then the second big wave of flushes of the day. Considered adding into the aforementioned pop, but I decided to keep my size down, and feet on the ground.
Watched multiple fails and took off starting around the mid-low 29s. Got another chunk off at the mid 28s, and waited for more, but after the grind back up, got out the rest around 29. Left a bit on the table but hit the daily target of 25$ and enough to cover the borrows. Not bad. Aiming for more like this.
Takeaways:
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2020-09-21 10:04:41 | WKHS | sell | $30.100 | short |
| 2020-09-21 10:09:22 | WKHS | sell | $29.900 | short |
| 2020-09-21 10:31:28 | WKHS | buy | $28.750 | short |
| 2020-09-21 10:39:00 | WKHS | buy | $28.450 | short |
| 2020-09-21 10:52:05 | WKHS | buy | $29.000 | short |
| 2020-09-21 10:54:28 | WKHS | buy | $29.250 | 0 |
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