Very tight daily/weekly chart pressing against $72.8-73.On main watch for the break-out of R1=$72.8 and push to R2=ATHs=$75.4.
I hate that stock. So choppy. Breaks-out, pushes, rolls-over, gives everything back, goes again. And every time I decide to trade it I hate myself for it. Today no exception.
Premarket plan was to get "long" only if it broke+held above R1=$$72.8-73, risking vs that level for the push to R2.
Opened below R1, broke above but failed to hold --> no entry.
They tried to sell it, put a higher low and reclaimed R1.
Got long Tier 0, risking the higher low, wanting to add more thru $73-73.1s expecting the push to R2.
One more fake-out but got quickly above R1 again, so I added another tier, risking VWAP for that add, expecting resolution this time.
Rolled over and I stopped out of latest add. Stayed with initial size.
(-) A lot of "trim and cut" core size here, dis-respecting proper technical stop=higher low/yesterday's close, only adds to commissions and frustration, esp. in such a choppy name.
Calmed, added size back vs higer low=$71.2. got the trade.
Sold small at the pop to $74, rest at $75. Could have held a small trailer here:
-- green on the name
-- have sold more than 50% of size already
-- strong close at HOD
-- weekly break-out
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-01-12 10:12:13 | PINS | buy | $72.760 | long |
2021-01-12 10:12:20 | PINS | buy | $72.800 | long |
2021-01-12 10:20:06 | PINS | buy | $72.830 | long |
2021-01-12 10:29:09 | PINS | sell | $72.480 | long |
2021-01-12 10:41:31 | PINS | buy | $72.680 | long |
2021-01-12 10:45:36 | PINS | sell | $72.400 | 0 |
2021-01-12 10:59:17 | PINS | buy | $72.690 | long |
2021-01-12 10:59:17 | PINS | buy | $72.690 | long |
2021-01-12 11:15:34 | PINS | sell | $73.400 | long |
2021-01-12 11:24:26 | PINS | sell | $73.900 | long |
2021-01-12 14:22:15 | PINS | sell | $74.850 | long |
2021-01-12 14:25:53 | PINS | sell | $74.410 | long |
2021-01-12 15:24:11 | PINS | sell | $74.700 | 0 |
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