Improvements:
- This was a trend continuation trade with an entry on the break of consolidation after the remount of the daily vwap.
- The prior short side trade on the daily vwap had failed.
- Clearly the stock was not looking to break down and the overall market was still holding up.
- The stock had pushed up above the daily vwap and then put in a fresh higher-low under the vwap.
- It was at this point the stock printed/completed a double-bottom pattern on the 174.-level that gave me the confidence the buyers were stepping up and defending this area.
- I had contemplated placing an entry at the 174-level however I was not overly confident and waited.
- I went long on the break of the neckline of the double-bottom.
- At this point I had set my profit target to the 176-level.
- Using a more methodical approach I used the 2-min rule to trail the stop behind the price action.
- The stock pushed through the 175.level and then pulled back, my stop order was just below the 174.700-area which is where the pullback was held.
- The stock then slowly grinded higher and I moved the stop up from below the PA.
- Watching the tape as the PA came into the 176-level I could NOT SEE any large orders OR orders coming into the 176-level.
- This reduced my confidence in the stock hitting that level however I held it there.
- The stock nickled-and-dimed me in that it topped out 175.96-level, 4c below the stop order before it reversed off the level
Notes:
- Overall a well managed trade in terms of trade identification, trade entry and profit harvesting.
- The missing the profit harvesting order by 4c is disappointing however it was a well managed trade in moving the stop up behind the PA and realising this may occur and being prepared for it.
Range Chart:
Range chart that shows the trade entry area, the trade exit area, how the stock failed to take out the 176-level. Additional commentary on the trade setup showing the stock is making successive higher-lows AND how an entry on the break of the sideways consolidation was a good area of entry.
https://prnt.sc/94qX9sWbfAkT
Actions:
Trade Technical variables:-
ATR:
Rvol:
AVol:
Beta:
Short:
Float:
Ins. Own:
WIC:
VWAP: