FUBO opened strong then pulled back and respected 52 level more than VWAP. Started making lower highs and higher lows, forming a bull pennant.
Did a great job scaling in, fighting for price near bottom trendline of pennant. Although I would take this trade again, I'd be more confident if it was respecting VWAP.
I like my 3:1 RR here, but I was scalping more than hoping for a true Trade2Hold when the if the pennant broke to the upside. It would've been appropriate to take off 1 share at the 3:1 TP level, and let the other ride the 9 EMA or maybe even more than that.
Almost got wicked out at 7:13 but held through it. Proud of myself for waiting for 1m close. The bottom level broke hard and fast. I knew everyone would have their stops under 52. Since I wasn't the first one out, I couldn't get a good fill. Ended up taking a large loss, exiting too late.
If I stuck around, there was a good short opportunity on the retest and fail of 52. Once I'm better at scalping, that's a move I'll be able to take with confidence.
Lesson Learned: If you fight for price and cut losers quick, you're doing great. On this trade I fought well for price but held my loser for too long. Need to be quicker on the exits.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-02-04 10:10:35 | FUBO | buy | $52.200 | long |
2021-02-04 10:11:11 | FUBO | buy | $52.000 | long |
2021-02-04 10:18:10 | FUBO | sell | $51.290 | long |
2021-02-04 10:18:20 | FUBO | sell | $51.160 | 0 |
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Nice review man, get em next time.