Shared by
Goku_BOWS
Daily Setup: ER beat $70 gap and go
Intraday: Quick flush and back up through 70 at the open for a trigger
On my list for the break of 70. It opened too high above that level but gave a quick selloff and back up through 70 for an ok entry. Good momentum and volume.
Layers of probability: Daily level, ER beat
Entry: Flush down and break back above 70 level, I only wanted to be long above 70
Stop: 69.49; not a technical level, I just didn't want to risk to LOD and it had momentum.
Targets: I only took 1 lot and therefore had to sell all, I waited for 3:1
Successes: Good daily level, quick spot on momentum
Areas to improve: I could have watch at a more granular level for better entry, was not planning on that quick flush and pop. Continue to watch throughout day as there were several other entries on pullbacks to VWAP and MAs.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2023-03-07 09:31:00 | SE | buy | $69.980 | long |
| 2023-03-07 09:33:00 | SE | sell | $71.500 | 0 |
Comments
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This ended up being a monster of name, so great job having on watch. I was watching it too just could not find an entry at open. Had this opened below 70 and had the same price action, would have had much greater expected value imo, but still lot of space risk, but if took that risk man did this thing pay.
Some things I considered as a rookie
1) With Powell speaking at 10am, chances of significant follow thru might be harder
2) The fact we we opened above 70 made this harder, cuz the buying through 71 technically is not buying through the "validated level" established intraday
3) Because of decent extension from 8 EMA at open, I would have to size expecting to have to try again if shaken out and with already large space risk makes it hard for me to take.
But for a quick momo scalp, I loved this buyers stepped in hard, and this ripped so great job taking advantage of momo especially on a name with a very solid earnings report!