Shared by
kgauvin25
Takeaways:
- Need to plan better specifically for names to trade on days market is play
- I had names in play thats fine, but bigger key today was to be long names via the market and I needed to have bigger focus on these
- PM
- What names are rel strong?
- Market opens:
- Alright what is strong? Ideal risk setup? Daily fine? News on this name?
- Pretty much there was only 2 ways to get long
- Buy at open with LOTS of SPACE RISK
- Wait for signal ---> which we got with $AAPL and $XLF
- As a newer trader like myself option 2 is the way to go, when Derrick was buying PM he was doing so without a stop
Market:
- ALL DEPOSIOTRS WILL BE SAFE
- So we gapped up this morning and then have been ripping lower since this gap up up opening around 4am, still gapped up as of 7am, then ripped lower again ---> $IWM down 1.4%
- Well after a massive couple down days furled by the financials panic, we are set are right now trading around $10 Daily Ext in SPY, IWM $8, and QQQ not really extended at all (mega cap tech holding this market higher) ----> QQQ is where Rel strength is
- So today focus is market trades with a focus to the long side
- Do not be involved in single stock regional (Halt risk just absoltuley insane ---> Derrick went from risking 1k to now potenailly losing 100k with SIVB halt if opens near zero
- Best to be involved in $XLF $KRE (etfs) or big banks like $JPM
- My plan
- Nothing right off the open
- Wait for 5 min hammers with names I will be watching
$ACAD - Focuses on CNS (central nervous system) disorders and rare diseases - Biotech - healthcare
- Catalysts (2):
- revives FDA approval for DAYBUE ((trofinetide) ---> for the treatment of Rett syndrome in adult and pediatric patients two years of age and older.
- DAYBUE is the first and only drug approved for the treatment of Rett syndrome
- exposure to SIVB is limited, with aproc $1m held in deposit accounts
- ATR 0.72, AV 1.35m,
- Tight daily cosnolidation b/w 21 and 20 - short through 20 r2 18.50
Review
- So the real trade was the breakdown at open
- I had this on watch as more of a buy because I thought this catalyst was real good
- Opened near 20 and spreads sucked + was not really thinking short
- Mind all over the place with no pure focus ($DKNG not even on watch)
- Broke through highs for 15 cents risk (more like 25 with spreads) gave about 6R move so def worth RWRT
- After a few missed opportunites like $XLF and $AAPL longs I noticed this was staying rel weak compared to $XBI
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2023-03-13 10:06:26 | ACAD | sell | $19.120 | short |
| 2023-03-13 10:06:26 | ACAD | sell | $19.130 | short |
| 2023-03-13 10:06:26 | ACAD | sell | $19.130 | short |
| 2023-03-13 10:11:12 | ACAD | buy | $19.010 | short |
| 2023-03-13 10:11:12 | ACAD | buy | $19.010 | short |
| 2023-03-13 10:33:55 | ACAD | buy | $18.800 | short |
| 2023-03-13 10:33:55 | ACAD | buy | $18.800 | short |
| 2023-03-13 10:47:24 | ACAD | buy | $19.025 | 0 |
Comments
Leave a comment about this trade!
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes
just a few seconds to sign up, and it's free!
Beautiful setup and execution; well done aligning with $XBI as well.
Opening trades (first 15) are difficult, not a lot of layers/clues, no trend, and can move VERY quick. Definitely watch and learn from these, because there is also a lot of reward in some of them. But the secondary plays like this are excellent ways to build your account too.
I'm not really a bio news trader, not sure how to analyze them, so if I were to trade it would be like you did, wait for the trend and a secondary entry. Check out that double bottom with inside 5 entry. That's even more skill to pivot and go long there. I actually tried a long trade setup like that today on $GTLB ER.