Tags:
6:56AM
I'm not sure what to catagorize this short trade to be honest. I just see supply coming into market after it gap filled. I knew there might be some type of short covering rally so I waited for that to happen. Once we filled the intraday gap and I saw confirmed weakness, I went short. Once the tape sped through the 181 level I threw another order out to go short some more. Am I 100% sure if this trade will work? No absolutely not. Have I accepted the risk? Well, kind of. Trying to break the habit of micromanaging.
Here is the intraday chart outlining what I saw on a 5m time frame.
On the daily time frame, we are at the lower half of the channel. Any weakness here will send the stock into the sub 170s.
The RS line in this stock has been in a deep decline. The stock has been in a stage 4 decline for months now. I need to focus on shorting these weaker stocks.
RS Rating is a 15
Group Rating is 190/197
7:27AM
My first stop got triggered but I put back on the shares as we failed to take the previous high out. My stop is a little bit higher this time. Stick with it. No emotions.
2:29PM
I took the entire position off AH as it’s a long weekend and I didn’t realize it until now. There is a good chance we get a gap up on Tuesday. Semi’s looked like they closed strong. It’s hard to say for sure since I only took a quick peak at my LVL2 WL prior to sending the order out. I’m content with my day trade short here. The risk was minimal and I executed the trade well. I’ll chart the intraday chart tonight and post it here.
1-16
9:45AM
Here is the 5m chart along with annotation of what I saw during the market day.
Execution detail:
Date/time | Symbol | Qty | Price | Position |
---|---|---|---|---|
2022-01-14 09:48:07 | PYPL | -100 | $181.200 | -100 |
2022-01-14 09:48:13 | PYPL | -25 | $180.960 | -125 |
2022-01-14 09:48:13 | PYPL | -75 | $180.952 | -200 |
2022-01-14 10:19:11 | PYPL | 100 | $181.290 | -100 |
2022-01-14 10:22:46 | PYPL | -100 | $179.815 | -200 |
2022-01-14 13:03:27 | PYPL | 100 | $176.625 | -100 |
2022-01-14 15:47:33 | PYPL | -50 | $178.400 | -150 |
2022-01-14 17:11:29 | PYPL | 150 | $178.800 | 0 |
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Beautifully executed short here, Mike!