DPHC Trade on Sep 23, 2020 10:05 from WuManChu: Tradervue User Stock Trades.

Idea, Entry, and Risk:

*Idea: FF vs previous high
*Entry: Above 25s predicting breakdown
*Risk: 1:3

Catalyst and News:

SPAC on the downtrend, especially after yesterday (checked news after the fact). Merger with WKHS, also on a major downtrend. NKLA fraud allegations and the like. Big plays in the EV sector as of late.

Fundamentals:

N/A for today

Technicals:

Well under VWAP for the majority of the day, morning weakness, and repeated VWAP fails since yesterday, on top of being well over-extended.

Summation:

Traded with TSLA, AAPL, and WKHS today. Experimented with the former two, treating them like the SPY, to get an idea of how the market was moving. Saw it staying perceptibly heavy vs the prior top, and decided to get in around the low 25s with 25 shares.

Convinced myself it was staying heavy when it was indeed basing, doubled my position on this idea, and then stayed stubborn as it continued to grind up into my stop, which I only set for half off. Took off the remaining half as it approached a more significant key level at the 26.20s. Could have waited for the dip to take off the rest, but I'd rather not keep getting squeezed further.

Takeaways:

-_Stop revenge trading_. Got very impatient that I didn't jump on the WKHS opportunity move despite holding the borrows and took this one also on my list, thinking it was breaking again past the 25s after the initial dip, and would continue to stay under VWAP.

-When it's not going your way, just get out. Who cares if your trade for the day is gone and isn't working any more? Would you rather scratch it, or take a full 1R as if you were still playing with full size? The answer should be obvious.

-First reaction was to get agitated, considering I felt I was preparing for a market move like what's been going the last several days. But getting upset won't change anything. I would like to not have to bang my ahead against a wall to learn not to short into strength, and to take off when it's not going the way I expected. Might just write it on my forehead.

-A lot of major downside moves have been happening in the first hour lately on tickers I have observed, and I still haven't mustered the confidence to take early morning moves in such volatility. There's no point in trading scared. The joy of victory should be stronger than the pain of defeat.