Yesterday annihilated all $150.5 break-out buyers with a reversal candle that closed at $146, just $3 higher than S1=major daily support level=$143. Below S1, minor support at S2=139 before S3=20SMA@weekly=$134 that dictates the overall trend.
Premarket plan was to get "short" only if it broke and held below S1=$143, expecting the move to S3=$134.
Opened weak and flushed below S1 instantly. 30min consolidation below S1, remained so weak that couldn't even make a proper retest of S1, rejecting VWAP at each bounce attempt, just couldn't get better.
Got short Tier I after 2nd rejction at VWAP, risking tight stop above S1=$143, added two momo tiers for the break of LOD=$140.5, risking tighter stop latest VWAP rejection at $141.5 for the adds, expecting flush to S2, then slowly find its way to S3.
Covered small at 1st flush to S2=$139, reloaded at the bounce + rejection of previous LOD=$140.5, and covered some at S2 and at the move lower.
So weak tape, PTON just couldn't find bid. Once it started holding below S2=$139, reloaded back some size, risking the lower high=$139.5, expecting next leg lower.
Got flat at $135.5-136 area...and then bought it for a bounce.
(+) Thesis + good executions + tape confirming + market alignment = big trade!
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