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Goku_BOWS
Daily Setup: Oversold bounce
Intraday: Oversold bounce
I watch this all day for a setup and it was just grinding down the 9EMA on the 5 minute, so it never really had extension there after the morning. I actually had it on my list for a short through $48, didn't get a chance. The 15 hadn't even tested the 9ema and was very extended. There was a bear flag/bearish consolidation that broke down through $35 and flashed back up pretty quick with big volume. I'm guessing a lot of $35 stops triggered. I jumped in when I saw that happen and added more a bit closer to the pivot. I was able to scale out and close at the 20EMA on the 15, close to the VWAP as well. I did not want to hold even though I was pretty well in the money.
Layers of probability: Market had already bounced, extreme extension on the 15 and higher time frames, high volume candle with a tail, $UVXY moving down/pulling back
Entry: Large candle with a tail and high volume, entered with the uptick
Stop: LOD
Targets: 1:1, $35, $36, 15 minute 20EMA
Successes: Patience for a setup, had a setup and plan
Areas to improve: slow on the trigger to entery, position sizing.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2023-02-23 13:16:00 | W | buy | $35.080 | long |
| 2023-02-23 13:18:00 | W | buy | $34.690 | long |
| 2023-02-23 13:27:00 | W | sell | $35.240 | long |
| 2023-02-23 13:39:00 | W | sell | $35.490 | long |
| 2023-02-23 14:02:00 | W | sell | $35.980 | long |
| 2023-02-23 15:30:00 | W | sell | $37.990 | 0 |
Comments
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Amazing execution and patience keep it up!