Shared by
Dandres
Trade 1: VWAP (B.E)
Trade 2: Loss, I was feeling the break to the down side. The first add was on a 5 min downside candle. The second add was on a subsequent candle breaking the VWAP quickly. The thing slowly crept up on the 1 min candles and eventually went to the upside. Broke past my stop loss and gave me a slippage of .25 EXTRA CENTS those fuckers.
Trade 3: Loss, The 1 min candle flushed to the downside to the VWAP again and it looked real weak after that move. I added short 25% position and the damn think curled back up on me. This time I got out early .25c before my stop loss.
Reflection
- Dont trade the chop, this fukin thing was super chop shop and I should have stayed away from it after the candle and wicks it made on my second trade. The third trade shouldnt have happened at all.
- Its hard to say if I could have done anything different on the second trade to manage my risk but while looking at it the only thing i see was not getting in at all with the wicks the candles were showing.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2023-05-18 10:19:02 | META | sell | $242.940 | short |
| 2023-05-18 10:20:33 | META | sell | $242.790 | short |
| 2023-05-18 10:25:53 | META | buy | $243.750 | 0 |
| 2023-05-18 10:27:28 | META | sell | $242.970 | short |
| 2023-05-18 10:30:07 | META | buy | $243.230 | 0 |
Comments
Dandres
Personally, I look at anything gapping 2% premarket with catalyst, ATR above 1$, high RVOL, large/mega float and tradeable chart patterns that have developed in the premarket. META I was just watching because I didn't like anything that came up on my scanners so resorted to the ol tickers that usually move even without a catalyst.
The chop I refer to is definitely the lower volume right before I jumped into the trade that then started to chop around when the traders sitting on the sidelines jumped into it. I too didn't take into account the volume lol... lesson learned.
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Can i asked what your process is for determining whether something is in play or not? Often times stocks with high RVOL(relative volume) move cleaner than one's with normal or low volume. I lost on this same ticker because I didnt take into account how extended it was with a lack of volume.