*Idea: Continued Fade after G/R move
*Entry: Starter on pops, add vs previous highs.
*Risk: 1:3
N/A
N/A: Formerly SHLL, no given info.
Repeated small gap ups and morning moves into fails ever since the merger was closed from SHLL. Tests of prior supports become critical resistances, particularly any pops into VWAP tests.
-Took a starter position at the 36s to have an entry, scaled up into pop vs VWAP with stop set just above it at 39. Total position averaged to the 37.90s. Held during the pop into VWAP (38.50s). Had to leave for work during this period, set a stop earlier for the 39s, but didn't set an exit as I expected to be able to scale up on another pop.
Got back to the platform and saw the fail down further into the 36.50s, and basing at the 37s. Held here foolishly, especially when it ramped up, and stopped out at the previous 39s.
-Adapt adapt adapt. What worked eight months ago doesn't work anymore. Though there are occasional all-day faders, they are rare and it's much safer to take the small profits when they arise. Reexamine your stops and learn to recognize when you are being overly patient. the sign of the 36.50s immediately resulting in swipes should have been the first indication that it was time to leave, especially when the 37s based and you still didn't cover. Just like the move you knew not to take on JKS, don't rush in, and don't expect to gain scraps when the move of 4 dollars has already happened. Yes, it can unwind more. But consider how unlikely that is right now, with how hot everything is. Never overstay.
-It's incredibly frustrating to have an item on your watchlist and miss a major trade on it. Case in point: HYLN earlier in the day, while I spent more than half of my morning zoned in on JKS which refuses to crack anything. The same thing which happened last week with OMI,
-Good point: Did not renegotiate my stop. Will need to reevaluate where I place them and see if I am scaling incorrectly. Will also need to ensure I have an adequate exit set. A better scaling point and stops at 38 vs 36.50 would have been more accurate.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-10-05 11:03:29 | HYLN | sell | $36.600 | short |
2020-10-05 11:12:07 | HYLN | sell | $38.280 | short |
2020-10-05 14:46:06 | HYLN | buy | $39.000 | 0 |
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