This was a Playbook trade. I was looking on larger time frames where SOFI was gaining momentum to push through an upper channel trendline of a bullflag on the daily timeframe.
My reasoning was that SOFI was trading in a tight range in the premarket. I marked premarket low, high, and where SOFI opened. I then drew a zone that I was willing to buy the dip in and look for a scalp to the top of the range with some of my size and leave some for the bigger move and add on dips to my levels. I used to the tape to show me that buyers were stepping in and bids were stepping up and taking out offers.
Where could I be bigger?
- I honestly think I should have gotten huge when SOFI held the $18.25 price level because that is where it opened and almost directly in the middle of the premarket range. I think it was also really bullish to see the intensity of the wicks on the 5min in my load zone. That is a key indicator that buyers have control of this move and adding larger size at the price level SOFI opened at would have been smart. I could have also added when it was holding support over the premarket high. Dips to premarket high should have been aggressively bought.
What to look for next time?
- Perfect looking premarket range
- Aggressive wicks in the load zone
- I think looking for something so close to the upper trendline of the bullflag on larger time frames has a "tractor beam effect" where price needs to go touch the trendline. So I should have looked to really carry some risk overnight and sell as soon as the trendline is stroked.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-10-12 09:39:05 | 15 OCT 21 18.5 CALL | buy | $0.3300 | long |
2021-10-12 09:42:13 | 15 OCT 21 18.5 CALL | sell | $0.4000 | long |
2021-10-12 09:44:22 | 15 OCT 21 18.5 CALL | buy | $0.3300 | long |
2021-10-12 09:45:54 | 15 OCT 21 18.5 CALL | sell | $0.3100 | 0 |
2021-10-12 09:47:46 | 15 OCT 21 18.5 CALL | buy | $0.3200 | long |
2021-10-12 09:52:43 | 15 OCT 21 18.5 CALL | sell | $0.4300 | long |
2021-10-12 10:09:17 | 15 OCT 21 18.5 CALL | buy | $0.5100 | long |
2021-10-12 10:10:03 | 15 OCT 21 18.5 CALL | sell | $0.5100 | 0 |
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