Shared by
spyrosz
Day II after Day I big sell-off plan is always "short the morning rally/pop to resistance, add through Day I LOD for continuation lower".
Weak premarket action rejecting R1=premarket high+20SMA@daily=$369.5 and rolling over towards Day I LOD=$364.5. R2=$371 was the level I was most interested in shorting against.
Opened strong blew past R1 and tested R2 being extended even on the 5min chart. Couldn't play better.
Got short Tier 0, risking $371.6s, added Tier I as seller held it down for a 2nd time and moved lower to $370.5s, added two momo tiers risking $370.6s for those two adds expecting a complete roll-over and retest of opening print=$368 at a minimum.
Started taking profits on the way down towards target, but action on QQQs and IWM wasn't showing similar weakness, sth that I noticed. 2nd thoughts for where we were going here.
Covered bulk at the flush thru yesterday's close, re-added small once it lost R1+VWAP but the 'Double-Bottom" at $368.5 + IWM breaking out same time was enough of a sign to cover all and let it rip...
(+) Great thesis, nice executions. Even better tape reading, judging the overall action. Nice trading here
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2021-01-05 09:37:29 | SPY | sell | $369.910 | short |
| 2021-01-05 09:40:03 | SPY | buy | $370.160 | 0 |
| 2021-01-05 09:40:47 | SPY | sell | $370.660 | short |
| 2021-01-05 09:51:59 | SPY | sell | $370.240 | short |
| 2021-01-05 10:00:56 | SPY | sell | $370.490 | short |
| 2021-01-05 10:00:56 | SPY | sell | $370.505 | short |
| 2021-01-05 10:06:35 | SPY | sell | $370.200 | short |
| 2021-01-05 10:16:54 | SPY | sell | $370.160 | short |
| 2021-01-05 10:16:54 | SPY | sell | $370.160 | short |
| 2021-01-05 10:19:38 | SPY | buy | $369.550 | short |
| 2021-01-05 10:31:46 | SPY | buy | $369.210 | short |
| 2021-01-05 10:31:46 | SPY | buy | $369.210 | short |
| 2021-01-05 10:42:45 | SPY | buy | $368.820 | short |
| 2021-01-05 10:52:27 | SPY | buy | $369.320 | short |
| 2021-01-05 10:56:08 | SPY | buy | $369.520 | short |
| 2021-01-05 11:06:28 | SPY | sell | $369.060 | short |
| 2021-01-05 11:23:45 | SPY | buy | $368.960 | 0 |
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