Shared by
dpaleo
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$28 monster level likely to bring in breakout buyers and delta hedgers so wasnt interested in finding top but was interested in a fail which we got. First entries look like a chase down but was only interested in short below $28 so good right side entries. Subsequent adds were all into support rather than adding on rejects of vwap and/or $28 so not great. First covers a little too close to breakdown but had decent enough size that taking some profits ok in case of failed breakdown. Pretty avg execution.
Execution detail:
| Date/time | Symbol | Qty | Price | Position |
|---|---|---|---|---|
| 2021-10-27 09:38:54 | LCID | -10 | $27.730 | -10 |
| 2021-10-27 09:38:54 | LCID | -490 | $27.720 | -500 |
| 2021-10-27 09:40:32 | LCID | -200 | $28.230 | -700 |
| 2021-10-27 09:50:47 | LCID | -200 | $27.930 | -900 |
| 2021-10-27 09:53:25 | LCID | -300 | $27.715 | -1200 |
| 2021-10-27 09:53:35 | LCID | 200 | $27.530 | -1000 |
| 2021-10-27 10:05:29 | LCID | -300 | $27.610 | -1300 |
| 2021-10-27 10:47:16 | LCID | -200 | $27.620 | -1500 |
| 2021-10-27 10:48:07 | LCID | -401 | $27.560 | -1901 |
| 2021-10-27 10:48:07 | LCID | -99 | $27.550 | -2000 |
| 2021-10-27 11:15:54 | LCID | -500 | $27.580 | -2500 |
| 2021-10-27 11:23:39 | LCID | 300 | $27.320 | -2200 |
| 2021-10-27 11:23:43 | LCID | 100 | $27.280 | -2100 |
| 2021-10-27 11:23:45 | LCID | 500 | $27.170 | -1600 |
| 2021-10-27 11:35:58 | LCID | 400 | $27.120 | -1200 |
| 2021-10-27 11:39:14 | LCID | 400 | $27.060 | -800 |
| 2021-10-27 11:39:16 | LCID | 100 | $26.930 | -700 |
| 2021-10-27 12:17:20 | LCID | 100 | $26.770 | -600 |
| 2021-10-27 12:39:56 | LCID | -200 | $26.920 | -800 |
| 2021-10-27 14:06:34 | LCID | -400 | $26.930 | -1200 |
| 2021-10-27 14:49:33 | LCID | 300 | $27.170 | -900 |
| 2021-10-27 14:50:07 | LCID | 900 | $27.180 | 0 |
Comments
tradervue2020
Hi Bud, I am intrigued by your entry. Ticker started bullish. Pullback volume was lower than the volume going up and around 9:38 the stock saw support at open print. I am obviously reading this wrong but curious to know what was the thesis to short at 9:38? Thanks !
dpaleo
Draw a horizontal line at $28 on daily chart. Been an important battle level all year for buyers and sellers. Sellers won the last 6 or 7 of those battles. $28 also had the most Open Interest for Call options. Another reason was that everyone on social media was looking for the breakout and when everyone is watching same thing it tends to fail (of course it ended up working yesterday. Premkt yest I made the comment to my desk that I'm " keen to fade it today" bc it really shouldnt have been back above $28 after back-to-back fails. Tried to get long a pullback yesterday and $30 was my chance but bid was $29.70s closer to vwap).
On the 5min chart, look at all the top wicks off $28 and vwap after first 20 mins of day. Someone clearly selling pops.
And lastly, it popped premkt on PR that it was delivering first cars Oct 30th which was well known by the market so first thot was "sell the news." Kinda like NVAX when it got EU approval.
tradervue2020
Thanks bud. Your explanations are like a freaking textbook of trading!
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Great skill trading a choppy day. Congrats my friend! Any specific reason that made $28 special?