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JRockTrades
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TGT reported blowout earnings like many names in it's sector. It has been very strong this last year and is at all-time highs. Probably all those people buying Pokemon cards. Market is overall very choppy, so going with 1/3 of normal size today to better control risk.
Technically, TGT was making a flag pattern of higher lows with dips to VWAP. It looked to me as primed to break above it's pre-market highs. First trade buying into VWAP got wicked out. I continued to look for entries and missed several, but finally got one at 9:46. I put my stop below the previous wick that I got stopped out on, which was about $1 of risk, much more than I wanted and I may have hit out earlier if I saw weakness. That didn't happen.
My plan was to sell 1/3 just below the range highs, 1/3 slightly above that, and hold the remainder to piece out for a breakout above the range. Some of these profit targets were conservative, but the market has been very choppy and stop outs more frequent.
Pretty much everything went according to plan. Ended up getting $4.60 from the final sales, which makes the $1 of initial risk make sense.
Execution detail:
| Date/time | Symbol | Qty | Price | Position |
|---|---|---|---|---|
| 2021-05-19 09:39:10 | TGT | 3 | $212.900 | 3 |
| 2021-05-19 09:39:15 | TGT | 27 | $212.900 | 30 |
| 2021-05-19 09:39:23 | TGT | -30 | $212.500 | 0 |
| 2021-05-19 09:46:33 | TGT | 30 | $213.300 | 30 |
| 2021-05-19 09:49:47 | TGT | -10 | $214.480 | 20 |
| 2021-05-19 09:51:49 | TGT | -10 | $215.180 | 10 |
| 2021-05-19 09:53:46 | TGT | -5 | $215.990 | 5 |
| 2021-05-19 09:54:45 | TGT | -3 | $217.020 | 2 |
| 2021-05-19 09:55:36 | TGT | -2 | $217.990 | 0 |
Comments
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you did a really solid job scaling out, I will def have to backtest some variants of scaling out when I get a bigger account/grow this one. I only took one trade on TGT today on the 5m chart, it was a dip in the trend at around 12:00 MT with some nice buying pressure on those wicks and at the support of last move. anyways, nice job managing this!