Shared by
dpaleo
Tags:
clear $31.30 buyer. Shoulda had a $31.24 short stop in to add. Def needed to be more aggressive with size and less so with covers given daily setup.
Execution detail:
| Date/time | Symbol | Qty | Price | Position |
|---|---|---|---|---|
| 2021-04-05 10:20:34 | CHPT | -600 | $31.310 | -600 |
| 2021-04-05 10:42:42 | CHPT | -200 | $31.300 | -800 |
| 2021-04-05 10:42:53 | CHPT | -200 | $31.300 | -1000 |
| 2021-04-05 11:45:33 | CHPT | 200 | $30.930 | -800 |
| 2021-04-05 11:45:33 | CHPT | 100 | $30.860 | -700 |
| 2021-04-05 11:45:58 | CHPT | 100 | $30.620 | -600 |
| 2021-04-05 11:46:00 | CHPT | 100 | $30.570 | -500 |
| 2021-04-05 11:50:33 | CHPT | 100 | $30.320 | -400 |
| 2021-04-05 11:52:44 | CHPT | 100 | $30.180 | -300 |
| 2021-04-05 11:52:44 | CHPT | 100 | $30.120 | -200 |
| 2021-04-05 11:53:36 | CHPT | 100 | $30.060 | -100 |
| 2021-04-05 12:12:39 | CHPT | 100 | $29.660 | 0 |
Comments
dpaleo
Hi Ahmad, i wish i had a more structured approach to covers. I mostly take a big picture look at things - where its come from and how quickly? - to see where it might revert to. Most of my covers will be based on the 5min chart but if there is an extended daily like there was here then I try to hold a trailer. I didnt do so well with that in this trade. Of course I also look at vwap and key support/resistance levels, and psychological levels.
Having a sense of whether longs or shorts are trapped helps as well bc if thats the case often times it can go a lot further than you think.
ahmad11
Make sense. I feel the same way. One thing I'm working on is eliminating the mid-trade decisions and just putting my targets/stops and letting it work (since it's much harder to objectively assess the price action). It's an aspirational goal for sure.
Agreed. Best practice is to enter your stop and take profits immediately after entry bc its the moment you are most objective.
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Beautiful bear flag on the 5-min and beautiful entries. Curious as to the decisions around covering position. What I have noticed is that a lot of times I cover most of my shares before major moves. In this case, it clearly loses support and makes a major move down. How do you decide on where to start covering your position and then keep covering? $30 level is obviously major psychological level so that makes sense...are the rest based on semi-hole number/% of ATR moves or action on the tape?