IBM Trade on Apr 19, 2018 11:01 from Felix: Tradervue User Stock Trades.

2nd Day Play on IBM with market downtrending

The Big Picture

Market was trending down from. Outlined the major support and resistance areas for the market and it was trending between and towards this levels, which got me into shorting stocks today.

Intraday Fundamentals

A mixed reaction from analysts is helping fuel uncertainly around International Business Machines Corp.’s stock, with shares on pace for their worst post-earnings performance since 2013. For analysts who were on the sidelines on IBM’s stock, the mixed results validated their theses. In a note titled “Still Haven’t Found What I’m Looking For,” Oppenheimer analyst Ittai Kidron argued that the declining portion of revenue that came from IBM’s Strategic Imperative business was troubling, as was the fact that gross margins slipped across every business unit except for financing.

Reading the Tape

IBM found support in the first 30 trading minutes at prev day low at 148.26, we came below but buyers always stepped up and support that area.Later nice rejection from below 148 and down to my entry. Support at 147, good analysis

Technical Analysis

148,26; 148; 147 support

Trade Management

First candle to make a new low. Good that I wanted to see it below absolut low and not just prev. low, which I failed on in the past. Also checked the breakout volume below 148 which was very important for this play. Shallow retracement on the 5 min which gave me the opportunity to get short for a reversal continuation. Took small size, but the retracement seemed too small or too fast, so this was ok for me. Could have added, but the market was stalling and it seemed to near to the 17 mark, so I didnt. That was ok, but I should notice this pattern for the future, the trendline from bottom, better entry then a classical green-red move.
Took my partials according to the rules and flattened out at 47.

Trade Review

Very good trade and an example of when a second day trade makes perfect sense for me!