The 1st part is an exceptionally well-managed failed trade. The 2nd trade is rubbish. And what should you expect from rubbish? Sh@t.
On main watch for continuation to the downside after the gap-down on what I thought was a terrible earnings report (posting another revenue miss and declining rev. on cloud services. How that's possible?).
9SMA@daily played a bit of catch-up and held it down after the bounce attempt. Now, it was looking ready to break-thru the low at earnings day=$117.5 and continue towards $115.5-116 which was major daily support.
S1=$119.5, S2=minor support pivot=$118.5, and then S3=LOD on earnings day=$117.5 which was the major trigger.
It was trading above S1=$119.5 premarket but 1min before market open collapsed right into S2=$118.5 which made everything soooo difficult.
Got short filler at the opening pop towards S1=yesterday's close=$119.5, risking very tight stop above S1, expecting to reject price, roll-over and move lower.
Every bounce attempt from S2=$118.5 towards $119 got rejected at $119 and I started scaling into the short, growing more and more confident as IBM was showing relative weakness vs overall market. Built the core size vs $119, added two momo tiers once it held below VWAP to the penny, risking the latest lower high for those adds, expecting to clear LOD=$118 and move to S3=$117.5.
Looked good until it snapped back higher reclaiming S2=$118.5 and VWAP.
Quickly covered 70% of size at VWAP, held rest to see if it would hold. It held and I got flat for a tiny loss (< filler size).
(+) Exceptional risk-management here and a tiny loss based on size accumulated. Nice trading:)
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-02-03 09:34:15 | IBM | sell | $118.840 | short |
2021-02-03 09:36:33 | IBM | sell | $118.630 | short |
2021-02-03 09:48:52 | IBM | sell | $118.600 | short |
2021-02-03 10:02:34 | IBM | sell | $118.620 | short |
2021-02-03 10:13:09 | IBM | sell | $118.500 | short |
2021-02-03 10:20:28 | IBM | sell | $118.460 | short |
2021-02-03 10:20:28 | IBM | sell | $118.460 | short |
2021-02-03 10:56:54 | IBM | buy | $118.660 | short |
2021-02-03 10:58:06 | IBM | buy | $118.800 | 0 |
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