Shared by
BanalityOfEvil
PLAY
MNQ - HOD reversal short
CATALYST
QQQ has rallied in premarket QQQ will reverse and test the 261/260 area by the end of the day
TRADE IDEA
QQQ will reverse and test the 261/260 area by the end of the day
SETUP QUALITY AND BIG PICTURE
C
QQQ is moving higher in premarket, heavyweights, particularly TSLA is rallying extra hard. QQQ entering supply zone between 264 and 265.50
No major economic news today
PLAN
Wait for price to enter predetermined supply zone and look for signs to get short
REASONS TO SELL
The Nasdaq heavyweights are setting up to rally higher
Market is not showing weakness in the zone
Stopped out
Target hit
EXECUTIONS AND PRICE ACTION
Poor planning on this, I drew my supply zone in the wrong area, possibly because I have a fever and am not thinking/moving as quickly this morning
Even if I had drawn the zone correctly, I still would have been stopped out, but I wouldn't have risked as much
I let this go against me too far
KEY TAKEAWAYS
Do not be so patient with your losers
Never add to a loser
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2022-12-29 09:52:24 | MNQH3 | sell | $10956.75 | short |
| 2022-12-29 09:54:14 | MNQH3 | buy | $10956.00 | 0 |
| 2022-12-29 09:56:00 | MNQH3 | sell | $10952.50 | short |
| 2022-12-29 09:59:43 | MNQH3 | sell | $10958.00 | short |
| 2022-12-29 10:00:03 | MNQH3 | buy | $10978.50 | short |
| 2022-12-29 10:18:32 | MNQH3 | buy | $11006.25 | 0 |
Comments
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!
YES! Never add to a loser. Also Stop out at predetermined stop price for me.