Extreme relative weakness vs all other indeces.
Opened weak and flushed below S1=yesterday's close=premarket low=$340.4s & VWAP.
Gave it some time to confirm weakness as other indeces were ripping and I thought "bear trap" here. After 3-consecutive rejections of S1+VWAP, I had to put some risk on.
Got short Tier 0, risking tight stop above S1=$340.5s, added one momo tier for the break of LOD, risking same stop, expecting the sell-off to S2=$338, then fill the small daily gap at S3=$337.3.
Covered bulk in-front of S2, bid hit at S3 later in the day.
(-) I can't believe I decided to add more size on the SPY trade mid-session (1pm) and not reload QQQs. Unacceptable trading decision, 100% emotional:/
-- QQQs showed relative weakness, SPY did not.
-- QQQs played per plan, very clean action, SPY was chop-fest.
-- QQQs below VWAP, couldn't even retest, SPY was chop-fest.
-- QQQs was paying me, SPY I was red.
-----> what the heck??
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-04-14 10:21:38 | QQQ | sell | $339.915 | short |
2021-04-14 10:23:06 | QQQ | sell | $339.860 | short |
2021-04-14 10:59:56 | QQQ | buy | $339.110 | short |
2021-04-14 11:12:42 | QQQ | buy | $338.760 | short |
2021-04-14 11:20:04 | QQQ | buy | $338.210 | short |
2021-04-14 13:58:57 | QQQ | buy | $337.510 | 0 |
I was also down in SPY until I made it back + some in the afternoon flush. IWM sideways consolidating big move. I prefer to avoid until it decides where it wants to go.
agree, thank you for your feed back
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same made money on qqq and lose on iwm feast ....