XLF Trade on Mar 15, 2023 09:34 from kgauvin25: Tradervue User Stock Trades.

Market Summary:
- Set to have big gap down this morning with muted response of PPI coming very cool Y/Y and retail sales in line M/M
- IWM gapped down 2.75%, SPY 1.75%, QQQ - 1.3%
- $CS continues to plummet following news that Saudi Investors will "absolutely not increase stake to help them out"
- market in play so less about stocks in play

Banks - Through Mondays Low
$XLF CT long, Daily Ext, MD

- ATR 0.75, AV 46m
- Through 31.3, Almost 3 ATR Ext
- Plan
- So was opening closest to its Level I wanted to buy through which was Monday's Low
- BAC was also near Monday's low, but to buy at open had to give to PML and XLF had tighter space risk than $BAC, so I decided to watch $XLF first off open
- Market opens and both stall
- In fact $XLF actually starts to show some weakness
- $BAC starts showing strength so I move to $BAC but bias holds me with XLF
- I then watch $BAC trade through Mondays low and give very good follow enough to cover risk

- Execution
- XLF picks up momo so I decided to get long through Highs (which lined up with Mondays Low) with stop LOD
- Stop was only 18 cents so I could take more tier size
- $BAC had now already given anyone who bought time to cover risk ---> This was showing $BAC had relative strength as Layer of Probability and $XLF DID NOT HAVE RELATIVE STRENGTH AS A LAYER OF PROBABILITY
- I end up getting stopped out $XLF then watch as trade back through highs
- I understand stop should have been PML, but after enough time had gone past I felt giving to LOD was right stop

**- Pro:** 
    - Off the open recognized XLF was closest to level and then had better risk than BAC
    - Recognized needed more size to have aqueduct space risk and so canceled order and put in more size (did not wuss out)

**- Con:** 
    - Did not remind myself even though is strong be prepared to switch
    - BAC was the stronger name and therefore had higher prob of working 

• Clearly today the better trade was $BAC due to two things:
  • Catalyst
  • rel strength seen in two ways
    • Way more orders hitting the ask
    • Starting accelerating quickly