Shared by
JRockTrades
Tags:
Overall Picture
We remain in a bear market, though in a rally currently. QQQ went as low as 290 in the current leg, but rebounded significantly and was over 310 during this trade. Inflation numbers, due tomorrow, will likely determine the direction of the next leg of the market.
Technical Setup
QQQ had triple topped in the 311 area, but could not move higher. Each attempt at the level couldn't achieve the height of the previous wick. On the last attempt, I decided to take a short risking the HOD.
Trade Management
Once the trade started working I covered in increments that make little sense. I made my final cover when the 310 level broke, but then price moved back above. There was still more left in the trade, so this decision is kind of questionable.
Conclusions
The setup here is minimally acceptable. I probably shouldn't be thinking short when something is rallying day after day and at the HOD. Nonetheless, this trade did work despite my awful management. This definitely wasn't the easiest $100 I could have made today. On a day filled with mediocrity though, this trade is probably my best.
Execution detail:
| Date/time | Symbol | Qty | Price | Position |
|---|---|---|---|---|
| 2022-09-12 10:25:45 | QQQ | -150 | $310.940 | -150 |
| 2022-09-12 10:26:20 | QQQ | 37 | $310.868 | -113 |
| 2022-09-12 10:30:28 | QQQ | 11 | $310.730 | -102 |
| 2022-09-12 10:30:48 | QQQ | 11 | $310.575 | -91 |
| 2022-09-12 10:35:09 | QQQ | 9 | $310.595 | -82 |
| 2022-09-12 10:35:10 | QQQ | 9 | $310.605 | -73 |
| 2022-09-12 10:35:10 | QQQ | 9 | $310.608 | -64 |
| 2022-09-12 10:43:24 | QQQ | 64 | $310.175 | 0 |
Leave a comment about this trade!
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes
just a few seconds to sign up, and it's free!