Day I (10/28): gapped down premarket, lost and held below a major daily pivot/support level=$13 intraday, closing at dead lows. Next major support at $11.5.
Day II: Put a low at $12, retraced and tested $13 that acted as resistance the whole session.
Day III: I really liked how it was about to open close to R1=major daily resistance=$13. I was expecting a quick pop to R1 at the open, obvious rejection there, and then a move lower towards S1=Day II lows=$12. If got lucky, maybe it took out S1=$12 and made its way to S2=$11.5.
Opened strong and tried to clear R1 but got rejected.
Entered Tier 0, risking above R1=HOD=$13, wanting to add through the break of opening print=$12.7 for the move lower towards S1=$12.
Held the opening print, bounced back but got rejected at R1 once again.
Once it lost VWAP for the 2nd time,
added another Tier, risking same stop, expecting resolution this time.
Daily chart + intraday pattern + market alignment = I thought I am golden here.
Failed to clear the opening print and bounced back to VWAP.
In a see of red, it was the only name that was holding relatively well, and wasn't paying me.
So, I decided to cut it and focus on sth else...So much opportunity around to ignore.
As it turned out CDC news hit tape in the afternoon, and CCL exploded through $13 up to $14.5.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-10-30 09:40:35 | CCL | sell | $12.880 | short |
2020-10-30 10:13:15 | CCL | sell | $12.850 | short |
2020-10-30 11:13:48 | CCL | buy | $12.835 | 0 |
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