Daily Setup: Oversold bounce
Intraday: Oversold bounce w/ large gap down and 15 minute selloff
Trade based purely on the amount of extension and seemingly oversold for most of the banks. Small size to allow some room and avoid large risk. Sold some with the big uptick, added that back near my buy price, then sold again near the same level, double dipping on that portion of the trade.
Layers of probability: Markets oversold, banks oversold, especially big banks
Entry:Doji type reversal candle w/ markets starting to uptick
Stop: 31.20, bit below LOD to give some room
Targets: selling on the way up, markets and trades were all upticking quickly, sold on the big uptick. Sold last near the close, not enough cushion and looking weak.
Successes: Good risk size, nice add-backs to get more cash flow
Areas to improve: Open to suggestions
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2023-03-13 09:45:00 | XLF | buy | $31.490 | long |
2023-03-13 09:51:00 | XLF | sell | $31.980 | long |
2023-03-13 10:22:00 | XLF | buy | $31.560 | long |
2023-03-13 10:58:00 | XLF | sell | $31.940 | long |
2023-03-13 15:53:00 | XLF | sell | $31.680 | 0 |
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i think you traded this extremely well!