Shared by
Goku_BOWS
Daily Setup: Strong bank name, over-reaction, RDR from Monday's low
Intraday Setup: RDR on Monday's low
Layers of Probability:Oversold/over-reaction on major name, relatively strong in the sector
Entry:Back up through Monday's low
Stop:LOD
Targets: 28.10, 28.24, 28.49
Thoughts/Thesis/Notes during the trade:
RDR through Mondays low, I thought my order was for 3 lots, only had two, added another lot. Moved 1st target from 27.99 to 23.1.
sold 1/3
Tried to add back @ 27.9, not quick enough, it did fill eventually
6:58, holding in well considering market dumping, will move add-back target a bit closer to reduce risk was 28.10. but now upticking will hold 28.1; hit 28.04 and now retraced. Had another add-back order set, but markets looked pretty weak so I cancelled it. Almost immediately bounced. Need to be consistent with strategy
Areas of Success: Great add-backs
Areas to Improve: Need to be consistent with add-back levels, was kind of adding based on the action and missed a few.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2023-03-15 09:32:00 | BAC | buy | $27.880 | long |
| 2023-03-15 09:33:00 | BAC | buy | $27.890 | long |
| 2023-03-15 09:34:00 | BAC | sell | $28.100 | long |
| 2023-03-15 09:37:00 | BAC | buy | $27.890 | long |
| 2023-03-15 09:38:00 | BAC | sell | $28.200 | long |
| 2023-03-15 09:43:00 | BAC | buy | $27.950 | long |
| 2023-03-15 09:47:00 | BAC | buy | $27.820 | long |
| 2023-03-15 10:05:00 | BAC | sell | $28.100 | long |
| 2023-03-15 10:07:00 | BAC | sell | $28.240 | long |
| 2023-03-15 10:16:00 | BAC | buy | $27.990 | long |
| 2023-03-15 10:18:00 | BAC | sell | $28.240 | long |
| 2023-03-15 10:38:00 | BAC | buy | $28.010 | long |
| 2023-03-15 11:04:00 | BAC | sell | $28.200 | long |
| 2023-03-15 11:19:00 | BAC | sell | $28.490 | long |
| 2023-03-15 11:23:00 | BAC | buy | $28.180 | long |
| 2023-03-15 12:00:00 | BAC | sell | $28.480 | long |
| 2023-03-15 12:18:00 | BAC | buy | $28.150 | long |
| 2023-03-15 12:36:00 | BAC | sell | $27.880 | 0 |
Comments
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This was the name to be in today. Clear rel strength + had news which made it the better choice over $XLF. Excellent job with add backs, as market got sooooo choppy and so range trading was the way to go today and you were spot on with it. Not just range trading any name, but range trading a relatively strong name with a catalyst was spot on. This is something I need to add my trading.