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Shared by
beno

 

MGI

Oct 30, 2020 14:10


Tags:

Trade Of The Day Swing Frontside Scalping LIVE Intraday Backside IB ETB Distribution Confluence-Whole$

Fundamentals

Float = 62M

Catalysts / News / Painting the picture

-Oct 30 2020: Earnings - Income up 123% Y/Y

Technical Analysis

-SPY pattern: Bear Flag
-Intraday pattern: Parabolic Fade
-Other notes: N/a

Strategy / Confluence / Sizing Guide / Risk

Strategy: Distribution
Confluence: Whole $
Strike Zone: 5.05 - 5.1
Sizing (lots + emergency): 1000
Risk (stop / Rs): Hold above 5.05

Review / Lessons Learned

The technicals of this Distribution were very good, like the symmetry of floor and supply line. The downside was good earnings news and it's ETB. Would have extract extra R if target was reached but the strong tape just didn't allow for that scenario which is why I covered early, this was the correct read. +1R


Execution detail:

Date/time Symbol Side Price Position
2020-10-30 14:10:38 MGI sell $5.070 short
2020-10-30 14:10:38 MGI sell $5.075 short
2020-10-30 14:10:38 MGI sell $5.070 short
2020-10-30 14:10:38 MGI sell $5.070 short
2020-10-30 14:10:38 MGI sell $5.070 short
2020-10-30 14:13:26 MGI sell $5.050 short
2020-10-30 14:13:26 MGI sell $5.050 short
2020-10-30 14:13:27 MGI sell $5.050 short
2020-10-30 14:13:27 MGI sell $5.050 short
2020-10-30 14:13:27 MGI sell $5.050 short
2020-10-30 14:18:37 MGI buy $5.020 short
2020-10-30 14:18:37 MGI buy $5.020 short
2020-10-30 14:20:00 MGI buy $4.980 short
2020-10-30 14:20:00 MGI buy $4.980 short
2020-10-30 14:20:00 MGI buy $4.980 short
2020-10-30 14:20:00 MGI buy $4.980 short
2020-10-30 14:22:31 MGI buy $4.980 short
2020-10-30 14:22:31 MGI buy $4.978 short
2020-10-30 14:22:31 MGI buy $4.975 short
2020-10-30 14:33:41 MGI buy $4.970 short
2020-10-30 14:33:41 MGI buy $4.970 short
2020-10-30 14:33:41 MGI buy $4.980 0


Comments

Gravatar anqous
2020-11-02 14:32:09
 

I also traded MGI but was in the red…...I hope you don't mind me asking you what software your using to trade, i am looking for the best Broker for shorting?

2020-11-02 14:33:05
 

For this one I used Interactive Brokers

Gravatar anqous
2020-11-02 14:35:10
 

Cool thanks

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