Shared by
Ihor_Horovenko
Thesis: After price could not hold twice above premarket high, I have decided to go short considering breakdown of VWAP. Considering gap above +3.74%, RVOL 8+, and catalyst news regarding high expectations of flights on holidays in US, this stock had to go up, but it did not.
Stop: Placed my stop-loss above VWAP breakdown candle.
Entry: I have entered position once the price closed below the VWAP for the 2nd time after printing lower high and showing rejection in attempt to pass premarket high 2nd time.
Targets: at least 1to3 was considered appropriate in this setup. High RVOL and tightening of price should have provided the push in any direction with the time.
Breakeven point: could not be set due to fast reversal.
Comments: great idea and it needed extra attempt to work off. Next trade today was slightly more successful.
Lessons: This setup requires 2 entries in the worst case and I have to be prepared for them.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2023-11-13 09:56:04 | BA | sell | $204.650 | short |
| 2023-11-13 09:56:05 | BA | sell | $204.650 | short |
| 2023-11-13 09:57:58 | BA | buy | $205.450 | 0 |
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