DIS Trade on Jun 24, 2021 10:31 from tjmiller2001: Tradervue User Stock Trades.

DIS had 30m Supply at 178.00

DIS opened at 176.20 and held above VWAP all day until it broke over 178.00 at 10:23. It then proceeded to move higher into supply for the next 4 minutes. A red candle with somewhat high volume occurred at 10:28 and the next 3 candles were all red, pushing DIS below that supply zone.

At 10:31 I entered puts with a 3:1 RR. A large green candle occurred at 10:34. This candle had low volume but pushed price back into supply. At 10:35 I was pennies away from being stopped out but I stuck to my levels.

From 10:35-10:38, DIS was consolidating at it's intraday highs. I felt no signs of weakness so I chose to get out before my stop was hit.

I believe it was a smart decision to protect my capital here when the trade didn't immediately start working in my favor. I gave it a chance and didn't see weakness.

Immediately after my exit, I set reentry rules, planning to get back in short under the 177.80 level that previously acted as support around 10:33. I decided I did not want to get back in long under supply. This shows improvement, setting reentry rules right after I got out.

Lesson Learned: If selling under supply turns into consolidation under supply, consider an exit with a reentry under the consolidation period.