Shared by
denlitvinn
Big Picture
The stock is overextended on the long side on daily. A potential reversal day might be huge. Ideas: catch reversal and play on a continuation of downtrend after confirmation.
Intraday Fundamentals
The stock is gapping higher on high volume, but struggling to make higher high.
Execution
The level at 53.50 was strong resistance, after buyers broke through that level they couldn't drive the stock much higher and later couldn't hold that level either. Shorting after the stock breaks support of 53.50 and retests that level. Idea was to catch an impulse.
Covering this trade around 52 was not a mistake because there was active buying from 51-52. However after the break of 51 there was a good opportunity to short TRADE2HOLD
Grade
setup: A
entries: A
exits: B
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2020-11-13 10:01:35 | NIO | sell | $53.420 | short |
| 2020-11-13 10:12:40 | NIO | buy | $52.030 | short |
| 2020-11-13 10:15:12 | NIO | buy | $51.830 | short |
| 2020-11-13 10:15:27 | NIO | buy | $51.820 | short |
| 2020-11-13 10:16:49 | NIO | buy | $52.140 | short |
| 2020-11-13 10:18:06 | NIO | buy | $52.120 | 0 |
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