Daily: nothing really, very overbought but this is a supermomo that can be completely unpredictable
Intraday: VWAP breakout
I was watching the stock mainly for entertainment because I thought it was already too extended, no way I could look to buy. I changed my mind when I saw it put in a higher low. My plan was to buy a break over VWAP for a quick trade. I increased my position size as I saw volume coming in after the VWAP breakout.
I took profits very quick, first 1/2, then 1/4, 1/4, only kept a few shares to sell at $30 for bragging purpose :)
Lessons:
I did well on this trade because I was flexible and didn't stick to conventional wisdom or my short bias. Anything could happen. When the stock was flagging under VWAP, I could see the obvious VWAP pullback short setup. However, I still considered the opposite scenario where eager bears got trapped in if there was no follow thru selling and prepared my buy order.
Maybe I was just lucky that I had no shares to short !
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2017-01-10 11:21:05 | ETRM | buy | $20.210 | long |
2017-01-10 11:30:17 | ETRM | buy | $21.500 | long |
2017-01-10 12:04:59 | ETRM | sell | $24.780 | long |
2017-01-10 12:09:17 | ETRM | sell | $25.990 | long |
2017-01-10 12:14:55 | ETRM | sell | $29.010 | long |
2017-01-10 12:46:28 | ETRM | sell | $30.000 | 0 |
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!