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Oct 19, 2020 10:34


HoD Resistance Hold SMA Resistance Play

Intraday Fundamentals
• Second day play from Friday
Technical Stats
ADV 4.19 m RVOL 1.97 ATR 3.21 Short 16.41% Inst Own 87.7%

• PD High is 70
• Trading PM 68.50 or a local spike set a couple of days prior

• 68.50, 69 and 69.82 overhead resistance
• PM low and 66 nearest support 66.75 ish a possible area but more likely an inflection
• 64 would be deep support on this chart

• PM LOW 67.50
• Not a lot of volume
• 67 looks more supportive on this chart
Trading Strategy
• Possible scalp long at 67
• Watch the action on the tap at both 69 and break above that
• Look for a long base on the set up off 66. Intraday resistance break type
• Short if this fails at 66.7 and fails to take back
Reading the Tape
I only worked the tape to make sure that I got in on the right side of the spread here.
Trade Management

Trade Notes
I work this thinking that 69 would continue to hold and that this would trade under VWAP again and test the LoD. I did stick with the market structure stop just above the level I though would hold and decided to add as is seemed weak at .60. I would just let this work me out. I do think if I would have started tier one that I would have been able to take considering the stated risk.
I would work this as and HoD resistance trade. I was aggressive on the entry taking this as it broke the 9 SMA. It gave a me a clean and tight stop at .31 giving me a great risk set up with my fill. I was able to take advantage of it pulling almost a full point on the runner and a little over one for one on the partial.

Execution detail:

Date/time Symbol Side Price Position
2020-10-19 10:34:26 CHWY sell $69.155 short
2020-10-19 10:35:48 CHWY buy $68.858 short
2020-10-19 10:45:14 CHWY buy $68.155 0

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