Shared by
diemo
Big Picture
SPY gapped down 1.24%
And recovered during the day:
Elon Musk was rejecting Bitcoin after he initially accepted it as a payment option for Tesla cars. Reason: bad impact on environment. (Energy consumption) With his statement all crypto-currencies dropped down.
Nervous market opening.
Daily
KMX - gaps down 3.21% with news:
"CarMax (KMX) – The automobile retailer’s shares fell 2.4% in the premarket after Wedbush Securities downgraded the stock to “neutral” from “outperform.” Wedbush said the current valuation already reflects the company’s long-term outlook, and it also sees decelerating near-term trends."
Idea
When price falls below support - short.
Execution
The price opened below S1. Entered after the price seemed to drop quickly. Didn't see the uptrend coming.
Rating
3/10
Chart
Learning
- Take a close look at the angles of the trend. Their angle gets less steep after every swing.
- When a price makes such a far move (in PM) the price needs time to recover, before it goes further.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2021-05-19 09:34:00 | KMX | sell | $114.990 | short |
| 2021-05-19 09:57:00 | KMX | buy | $116.450 | 0 |
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