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!
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-02-17 10:01:18 | PTON | sell | $141.360 | short |
2021-02-17 10:02:36 | PTON | sell | $141.400 | short |
2021-02-17 10:04:08 | PTON | sell | $141.030 | short |
2021-02-17 10:13:20 | PTON | sell | $140.620 | short |
2021-02-17 10:15:51 | PTON | sell | $140.530 | short |
2021-02-17 10:16:13 | PTON | buy | $139.550 | short |
2021-02-17 10:20:45 | PTON | sell | $140.000 | short |
2021-02-17 10:20:45 | PTON | sell | $140.000 | short |
2021-02-17 10:21:30 | PTON | buy | $139.560 | short |
2021-02-17 10:22:51 | PTON | buy | $139.210 | short |
2021-02-17 10:22:51 | PTON | buy | $139.210 | short |
2021-02-17 10:22:53 | PTON | buy | $139.110 | short |
2021-02-17 10:22:53 | PTON | buy | $139.110 | short |
2021-02-17 10:30:20 | PTON | buy | $138.210 | short |
2021-02-17 10:36:21 | PTON | buy | $139.380 | short |
2021-02-17 10:57:11 | PTON | sell | $138.740 | short |
2021-02-17 11:06:37 | PTON | buy | $137.210 | short |
2021-02-17 11:16:29 | PTON | buy | $136.210 | short |
2021-02-17 11:21:48 | PTON | buy | $136.420 | 0 |
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