UBER Trade on Feb 8, 2023 11:26 from Maarten: Tradervue User Stock Trades.

UBER 8-2-23
Catalyst: loss expected, reported win = big surprise 7.7%, 29%buzz
UBER has been very weak during the open, down 1.65ATR and 915% volume buzz (2nd highest).
I am not long biased anymore. I actually like it as a technical reversal setup:
- 6 consecutive green days with increasing volume.
- Plus 25% in 6 days with today’s gap up.
-Buying accelerated last few days/steeper slope.
- Q’s are red for now. Would love it to be weak.

• Setup fit the catalyst? Not really. There is definitely a positive catalyst. But I have seen on UAL, which also had an earnings beat, that that’s not necessary if the technical reversal patterns are strong and the market is weak. So it fitted reasonably well, but a bad catalyst would have made it stronger.
• Did the trade fit the setup? Yes. Totally made sense to go for a short trend PB. The VWAP Pull in was perhaps unnecessary, not a setup from playbook. If it pulled back before 11AM it would have been fitting.

Execution:

Entered with at 25% and re-entered at 20.8% of the range. Lost almost 1R risking 25%, and lost about 0.3R risking 12.5%. Finished the first session down -27% of my stop.
Small red day.

I think I could have done a better job at stopping out at my second trade. Break even was also possible. Just after I got in above the 20EMA, price was trying to breakdown the 20EMA again on low volume, good. But then there was one large red volume bar which warned me. Bids were holding at .48. The next volume bar I saw was also doing increased volume. So when a new 5m high was going to be made I knew it was going to be significant. I was read y to get out and sold at .80, while I could have bailed out earlier. I gave it some room to work, but this was the ultimate reason2sell. I needed it to work here, there was no need to let it trade above the 20EMA again. This violated the trade idea of a trend lower.
7/10