Daily setup: Breakaway gap, ER?
Intraday: Bull flag/pullback to 8ema
5 minute flag w/ inside 5s right on VWAP/MA support. 15 still very extended and I went a bit over my risk parameters if using the pivot/VWAP for a stop. 1st target 26. Little to no vol confirmation on break. Will sell half and trail rest. 5 minute very healthy, no major rug pulls or shakeouts, not too worried about lack of big momentum and volume. It was tailing up though on the 5 breakout candles, which did add to my doubts of this working, I moved stop up at 9am, premature w/o new high being formed, mkts looking weak; low of last pivot attempt.
Layers of probability: Daily levels broke, good intraday setup, very high relative volume and strong price action considering market weakness
Entry:Bull flag w/ two inside 5 candles, break of inside high
Stop: Low of recent pivot attempt at VWAP
Targets: $26, trail last half
Successes: Good patience waiting for intraday setup and confirmation of price action.
Areas to improve: Market strength could've been a big help, do I take lower probability? Slightly too much risk
Ended up w/ a tiny gain.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2023-03-08 10:39:00 | MAXN | buy | $25.520 | long |
2023-03-08 10:50:00 | MAXN | sell | $25.990 | long |
2023-03-08 12:13:00 | MAXN | sell | $25.300 | 0 |
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Great trade! love the thought process and execution