USO Trade on Mar 8, 2022 11:08 from spyrosz: Tradervue User Stock Trades.

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spyrosz

 

Parabolic move with legit funda reasons behind it, so needed to be patient with entry, careful with size/risk/stop and quick to take some off, as it wouldn't be easy like a normal meme stonk.

Met most criteria (but not the most important one calling for "out-sized previous day candle traded larger than avg. daily volume") for a "Blow-off Top" Setup, and it was about to open right in-front of $85=pre-COVID support pivot.

No setup (=no trade) at the open as it opened above resistance=$85 and rallied higher.
Took notice of the "killer candle" that brought price from $88 below VWAP,

Shorted filler at the pullback to VWAP, risking stop above HOD $88.01, wanting to add main size at VWAP loss and clear rejection to the penny, holding below, expecting to close the daily gap at $83.4s.

Reclaimed VWAP, put a lower high with obvious seller sitting at $87.5s,

Added main Tier the moment it crossed VWAP, risking same stop $88.01 for whole size, expecting to close the daily gap.

Bid for bulk in-front of the gap-level was hit instantly, decided to take home small trailer, despite not liking the close, stop same.

03-09-2022
Covered 50% of remaining at open as it wasn't looking like flushing towards the

9SMA@daily
.
Did the flush later on, flat in-front of the MA, but this thing lost another -$4 w/o me.

image


Execution detail:

Date/time Symbol Side Price Position
2022-03-08 11:08:53 USO sell $86.510 short
2022-03-08 12:10:37 USO sell $86.410 short
2022-03-08 12:17:36 USO buy $83.550 short
2022-03-09 09:31:17 USO buy $79.440 short
2022-03-09 09:36:47 USO buy $79.820 short
2022-03-09 12:30:37 USO buy $77.110 0


Comments

2022-03-08 21:24:15
 

Nice trade. I kind of think we see USO roll down for a few days from here. I like your short play.

Gravatar rumeetdesai
2022-03-09 09:05:59
 

Nice trade and great detailed explanation.

2022-03-09 16:09:22
 

Thanks guys:))

@fallofshadows
Yes, agree on the pullback, personally I was targeting a 9SMA@daily.

@rumeetdesai
Appreciate the kind words:))

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