NOT ALL STOCKS ARE MOMENTUM STOCKS...MUST BE MINDFUL OF THAT AND PLAN+SIZE ACCORDINGLY.
Very tight on daily+weekly charts below $200 major resistance level.
HUGE trade potential with R2=entry of daily gap=$203.77 and R3=$207.7s.
Premarket plan was to get "long" for a Resist. Lvl Break-out of R1=$200 pattern.
----> meaning I want to see break above R1 on HUGE volume, consolidation above the level, then next leg higher....
Opened strong and immediately pushed towards R1=$200. RVOL=0.7 not great.
However, it managed to break through R1 on 1st try, so
got long filler just to watch it closely, risking LOD=$199, wanting to add more (a lot more) during consolidation above R1 per premarket plan.
However, V didn't manage to hold prices and rolled over. Held support at 9EMA@15min chart and pushed right back to R1 in what I identified as Indy-long pattern.
Added Tier 0 size, risking tighter stop below the 9EMA@15min chart $199.5, expecting break and clean hold above R1 this time...
Well, same story happenned another 2-times with V failing to break above R1 and me adding right on top of the move!!
---> it's not a momentum play (RVOL<1.0), so instead of trying to anticipate the move, wait for it to show some commitment/confirmation, to clear the level, hold above it!!!
To make things worse, I got stopped out at the bottom of the pullback.
After I got stopped out, I saw it pushing right back to R1=$200. 30/60min charts were looking good/intact (Indy-long on those larger timeframes), so I decided to give it one more try.
Got long previous size, risking tight stop $199.8, added as it started working out in my favor, expecting the push to R1.
Worked great..Sold on the way up and decided to hold 50% for a swing..
Market weakness might ruined this trade, will see tomorrow.
Stop at $199.5s!
Buyers defended the all-important $200 support level.
Took small in-front of $202 resistance pivot (from previous trading day) and R3=door for the gap-fill on daily=$203.77.
Great close above R3 and into the daily gap.
Still holding about 40% of initial size, target R4=$207.5.
Took some at $205, since market was weak and V couldn't push towards $207.5 to close the gap on daily, failing multiple times at $206.3s.
Very promising close however, probably will get to target tomorrow.
Update 08/25/2020
Hit swing target $207.77, closing the gap on daily.
Still holding small, target $210, then ATHs=$214.
Next stop ATHs=$214
Update 09/03/2020
All good things to an end.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-08-19 09:43:26 | V | buy | $200.110 | long |
2020-08-19 10:04:19 | V | buy | $200.080 | long |
2020-08-19 10:31:39 | V | buy | $200.160 | long |
2020-08-19 10:56:15 | V | buy | $199.990 | long |
2020-08-19 11:20:02 | V | sell | $199.480 | 0 |
2020-08-19 11:40:31 | V | buy | $199.960 | long |
2020-08-19 12:06:41 | V | buy | $200.110 | long |
2020-08-19 12:52:58 | V | sell | $200.510 | long |
2020-08-19 12:57:34 | V | sell | $200.800 | long |
2020-08-19 13:34:56 | V | sell | $201.890 | long |
2020-08-19 13:57:01 | V | sell | $202.800 | long |
2020-08-20 10:00:36 | V | sell | $201.620 | long |
2020-08-20 10:32:42 | V | sell | $203.450 | long |
2020-08-20 14:37:54 | V | sell | $203.920 | long |
2020-08-21 09:32:00 | V | sell | $204.960 | long |
2020-08-24 09:33:31 | V | sell | $205.940 | long |
2020-08-24 12:27:14 | V | sell | $205.250 | long |
2020-08-25 07:15:30 | V | sell | $207.350 | long |
2020-08-26 12:24:18 | V | sell | $209.750 | long |
2020-08-26 14:47:20 | V | sell | $209.880 | long |
2020-08-27 12:53:13 | V | sell | $209.313 | long |
2020-08-28 11:34:02 | V | sell | $213.850 | long |
2020-09-03 10:24:06 | V | sell | $210.945 | 0 |
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