Shared by
Goku_BOWS
Daily Setup: None
Intraday Setup: Extension and failure of $190.
Not a great setup at all. It had tested and not broken $190, then it finally broke above and right back down. I took a small size short vs. that high.
Low probability, low risk, higher reward (scalp). Came very close to a 1:1 and covering risk. No dice, stopped out. There was an early attempt to fade @ $190, but that got bought, a layer that shows the strength and against my trade.
Layers of probability: Market breaking low, extended with very weak market, immediate failure of breakout.
Entry: $190 breakout failure
Stop: HOD
Targets, 1:1, 8EMA
Successes: Clear entry and exit, correct position sizing, followed trade plan
Areas to improve: Better setup, very low probability here.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2023-03-01 10:13:00 | FSLR | sell | $189.840 | short |
| 2023-03-01 10:17:00 | FSLR | buy | $190.890 | 0 |
Comments
Goku_BOWS
For these I'm thinking they work better if the price is accelerating as opposed to decelerating. More of a parabolic type as opposed to a flag.
kgauvin25
What I liked:
Great job staying patient though, and not trying to short this off the open because those that tried got under water. Also good job not choosing a high short float name, cuz then shorting at the open with this setup could really get you underwater.
How I see this from the other side:
In this environment this short is a bit tricky due to how often we have seen earnings breakaway gaps just take off. This $180 level was a clear breakout gap level. This actually would been on my list for an earnings breakaway gap due to the daily bullish setup with clean $180 level. With a 50% EPS beat and basically in line rev, (idk about guidance) this name could def be in play to the long side, never really gave a 5min entry though.
Keep up the good work!
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ya really tough trade here , counter trend a news event is really tough.. good risk management on the sizing !! keep it up