I completely botched it, leaving +$8/share on the table and no swing position. Major Sh@t.
Amazing earnings:
* EPS and rev. beat, rev. +400% Y/Y = HUGE
* Q3 gross payment volume of $31.73B vs. a consensus of $29.95B
* +180% YTD vs +40% YTD of QQQs
* Guidance????
Gapped higher post-earnings, tested and rejected ATHs=$193 before coming back to $180.5. Held S1=premarket low=$180.5 premarket, broke R1=premarket resistance pivot=$185, and rallied to R2=$188.4 before the open.
Premarket plan was to get "long" at the opening flush to S1=$180.5-181 area (bids close to that levels), expecting a hard bounce at support, reclaim of R1=$185 and a push higher towards R2=$188.4, maybe R3=ATHs=$193.
Opened weak and quickly lost R1, but they couldn't sell it lower despite overall market (QQQs, SPY) getting hit hard at the time.
Got long Tier 0 the moment it reclaimed R1=$185, risking LOD=$183 on the dot, added when buying came into the tape and SQ rallied higher to R2.
(-) Too aggressive taking profits at R2 AND NOT RELOADING SHARES when it cleared the level, held above and moved higher. WHAT THE HELL???
Sold more in-front of R3=ATHs=$193, and closed it when it pushed thru R3 to fresh highs.
Stayed with it wanting to add back shares at a pullback to R3=previous ATHs=$193 after some consolidation/digestion up there and larger timeframes (15min chart) catching up with price. However, name remained just too strong retesting R3, holding above and pushing higher, w/o me feeling comfortable putting risk back on.
(-) Too aggressive taking profits at 1st resistance level
(-) Thesis playing out better than originally planned, strong catalyst, tape confirming, and I failed miserably finding spots to reload.
(-) Left so much on the table, and no swing size here. Unacceptable. And I put size on IWM? Serious???
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-11-06 09:40:27 | SQ | buy | $185.730 | long |
2020-11-06 09:40:34 | SQ | buy | $185.910 | long |
2020-11-06 09:44:26 | SQ | buy | $186.390 | long |
2020-11-06 09:44:32 | SQ | buy | $186.700 | long |
2020-11-06 09:45:59 | SQ | sell | $187.900 | long |
2020-11-06 09:47:18 | SQ | sell | $187.860 | long |
2020-11-06 09:53:07 | SQ | sell | $189.770 | long |
2020-11-06 10:00:11 | SQ | sell | $187.800 | long |
2020-11-06 10:11:48 | SQ | sell | $191.740 | long |
2020-11-06 10:38:49 | SQ | sell | $193.960 | 0 |
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