Shared by
tjmiller2001
/NQ has 4 hour supply at 14132.50 which aligns with 344.70 on QQQ
At 10:41 I noticed /NQ showing weakness under 4 hour supply after a fast move up. This was when I tried getting filled short. A 10:44 push up towards supply got me filled with a 3:1 RR.
At 10:46 I wrote that, "Consolidation at highs is bullish, considering an exit for breakeven if next dip is bought up."
At 10:47 a large high-volume red candle printed and I moved my stop to breakeven after that closed. At 10:49 strength came back so I stopped out. I had no rules for reentry so I missed the next leg down.
Lesson Learned: After an exit, make rules for reentry so you can catch the next part of the move. Be aware of places to get back in if your thesis hasn't been proven wrong.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2021-06-17 10:44:22 | 18 JUN 21 342 PUT | buy | $0.7500 | long |
| 2021-06-17 10:49:42 | 18 JUN 21 342 PUT | sell | $0.8000 | 0 |
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