Shared by
Goku_BOWS
Daily Setup: Short at resistance level ($21+), overbought
Intraday: Overbought (slgihtly) into daily resistance level; $21 tested and started back down
Low risk entry right at the resistance level. A steady volume expansion and more extension would have been helpful. Markets had pulled back to moving average (bear flagging), stopped out first attempt. Second attempt was better: I waited for more confirmation of downtrend, inside candle sitting on MAs should give a nice flush if it breaks, low risk if I get stopped. I got my risk covered and added on the next bearish consolidation, then added more when it failed to remount the VWAP. Looks like someone fat-fingered to give me a nice cover. Stopped the remaining above the daylong consolidation level.
1st
Entry: Reversal at resistance level, $21.
Stop: HOD
Target: 1:1, equilibrium area
2nd:
Entry: Inside 5 minute candle sitting on VWAP.
Stop: High of inside 5
Target: 1:1, $20, 19.75, 19
Successes: Waited for daily level, followed rules, stopped out.
Areas to improve: volume confirmation, more extension into countertrend trade. Need more layers of probability when going countertrend.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2023-02-17 10:12:00 | DKNG | sell | $20.860 | short |
| 2023-02-17 10:20:00 | DKNG | buy | $21.060 | 0 |
| 2023-02-17 10:51:00 | DKNG | sell | $20.630 | short |
| 2023-02-17 10:53:00 | DKNG | buy | $20.400 | short |
| 2023-02-17 11:27:00 | DKNG | sell | $20.320 | short |
| 2023-02-17 11:53:00 | DKNG | sell | $20.460 | short |
| 2023-02-17 12:10:00 | DKNG | buy | $20.010 | short |
| 2023-02-17 12:10:00 | DKNG | buy | $19.760 | short |
| 2023-02-17 12:53:00 | DKNG | sell | $20.340 | short |
| 2023-02-17 14:01:00 | DKNG | buy | $20.620 | 0 |
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