I can't believe the series of BAD decisions that I made in the MAIN trade idea of the day...
ROKU had one the weakest bounces in the whole tech sector from early March lows=$322.5.
It couldn't even stage a proper retest of previous major daily support at $383. Failed at $371 twice. And yesterday's candle that brought price back into bottom of consolidation was compelling.
---> I noticed and I put it on main watch for today as an A++ setup.
S1=bottom of consolidation=AVWAP from election day=$341. If it cleared and held below S1, S2=$333 and S3=$325 were minor levels before the major one at S4=$319.
Premarket plan was to get "short" only if it broke and held below S1=$341, expecting a momo move to S2=$333, then consolidation, before next leg lower to S2-S3 in the afternoon..
And how clean and well and per premarket plan did it play!!
Opened weak, flushed right into S1=$341, tried to bounce but got rejected at R1=premarket low=$345.5-346 and rolled over.
Got short Tier 0 as it broke VWAP, risking tight stop above R1=$346, expecting to break S1 and move lower.
(-) Cleared the momentum level S1, 10-min consolidation holding below, couldn't even retrace to S1
---> where are the momentum Tiers???? PRESS SHORT, stop S1 remount/VWAP, target S2=$333.
Covered 30% of core in-front of S2=$333 and sat tight.
Rally from S2 back to S1 was a market gift!!!WOW! Reloaded full core size, tightened stop above S1=$341, expecting the roll-over.
Covered 30% of core at the flush below S2....and then in my effort to put bids closer to S3/S4, I guess I typed wrong # and got flat. How unfortunate:/
Lost composure for a bit after the mistake, but calmed down and thought it would retrace back to S2 before moving lower. Put offers below VWAP closer to $335-336.
Entered lunch session=chop-fest, ROKU retraced to S2, but offers didn't get filled.
Saw the sharp move away from S2 + flatline consolidation just above LOD=$328 and I faced a dilemma:
a) Avoid trading during lunch session=chop-fest rule
b) Hit it short vs previous lower high=$334.
(-) I avoided but "A++ setup + Playing exactly per premarket plan + already green on the name + tape weak confirming thesis"...I chose poorly.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-03-24 09:34:18 | ROKU | sell | $343.490 | short |
2021-03-24 09:35:23 | ROKU | sell | $341.870 | short |
2021-03-24 09:36:42 | ROKU | sell | $341.370 | short |
2021-03-24 10:11:06 | ROKU | buy | $334.110 | short |
2021-03-24 10:56:01 | ROKU | sell | $339.750 | short |
2021-03-24 11:35:05 | ROKU | buy | $332.140 | short |
2021-03-24 11:40:43 | ROKU | buy | $332.470 | 0 |
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