Daily Setup: NA
Intraday Setup: Earnings overshoot
Layers of Probability: None
Entry: Wait for initial runup of earnings (MSFT GOOGL) and catch the retracement
Stop: High of runup candle
Profit Strategy & Targets: Scalp, 1:1 vs HOD
Thoughts/Thesis/Notes during the trade:
This has been a consistent trade setup, albeit quite risky. After earning release and the stock makes its initial runup, it usually retraces, whether for a pullback before pushing again, or just time correcting. The QQQs/MNQ traded up on MSFT and GOOGL earnings and I went short vs high of the first 5 minute candle. I was entering my cover and it ticked my target price and bounced a bit. I stuck to my plan and kept the target there even though a lower probability of getting filled now.
Areas of Success: Held original target, stuck to plan. Good discipline even if not the best trading strategy
Areas to Improve: Quicken order entry
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2023-04-25 16:07:10 | MNQM3 | sell | $12920.50 | short |
2023-04-25 16:18:14 | MNQM3 | buy | $12895.75 | 0 |
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Well played!