Shared by
kgauvin25
Market - slightly back to ST Bull market, cautiously short, but IWM not below key support yet, Powell and JOLTS at 10am, expect market chop prior to 10am, and look for names in play
$OXY - explores for, develops and produces oil, natural gas liquids (NGLs), natural gas and condensate - energy
- Buffet bought another 5.8m shares worth ~$354.5 mln
- ATR 2, AV 12m, XLE tough spot
- Daily IF Above D8, $62 (8/10 level) r2 $63, $64, Daily Sloppy, has to PB otherwise not interested
- Execution
- Was watching for a pivot buy
- Noted this was more of a pivot buy not an intraday flag
- Broke below 8 EMA, 8 EMA had caught up, spreads were tight, <$100 name
- 30 cents risk which was decent
- XLE was stronger than the market which was nice to see
- Were not exactly at daily level which makes this trade a little harder
- I decided to bid in a starter with a stop at the pivot low and then get bigger if we actually broke the pivot the high and the setup confirmed
- Never triggered and stopped out starter
- Just a tiny loss here, but hurt psychology a bit since was already down going into the trade
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2023-03-08 10:11:05 | OXY | buy | $62.860 | long |
| 2023-03-08 10:17:53 | OXY | sell | $62.600 | 0 |
Comments
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Nice attempt, you'll see I tried the pb to the 8 on the 15 minute as well. Worth a shot. I think it may have worked with some market strength.
Your last statement about taking a psychological hit where I would focus on growing/learning. Your technicals here are fine, but that stuff can take a big toll. Trust me ;)