Getting closer to S1=$74 which is a HUGE support level based on weekly/daily chart and bottom of a 4-month old consolidation/channel formed after the $59 break-out.
And it was approaching fast & furious (4th consecutive down day, after it lost and rejected $87).
One eye on:
-- QQQs were getting close to S3=strong support based on volume profile=$297.5
-- SPY was getting close to yesterday lows and major support S2=$371.
-- TSLA (to gauge sentiment) at S3=$540.
The other one on tape. Quick flush/stop-run below S1=$74 and instant remount would be ideal. But didn't play that way.
-- QQQs testing S3=$297.5 to the penny and bouncing higher. Same with TSLA.
-- Saw sellers trying to flush it below $74.5 but...tape froze at $74.3!! Lots of green at T+S,
Got long Tier 0, risking below S1 $73.4s, added one momo tier after higher low, risking LOD=$74.3 for the add, expecting a huge bounce all the way to yesterday's close=$78.5, and a close above that level to put a "RDR buy" candle.
Very small profit taking on the way to target (about 10% of size). Sold another 30% above yesterday's close. Held remaining 60% of size as a swing since it closed at top of range with room up to $81-82 easily. Huge Hammer on daily, reclaiming the 200SMA@daily.
(+) Tape reading, execution, and proper size on the back-side. Add on the right side for a good trade. Realizing the skewed r/r to the long hence being conservative with exits for an amazing trade.
Holy Moly. I wasn't prepared for such a sell-off. It gave back the whole Friday rally.
Thought it would hold S1=$76 and bounce higher, putting a higher low at daily.
Played the bounce, but the moment it rejected the 9SMA@15min chart and rolled-over, I started thinking how I would handle the swing size from Friday. Decided to put a hard stop at LOD=$75.6 for whole position.
Stopped out. It closed at dead-lows right in-front of S2=$74...
--> AAPL was the sign today as it couldn't find a bid all-day long...Should have paid more attention.
This market is NOT for swings right now....Better stay pure day-trading...Gave back significant unrealized PnL here..
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