5/11 DRC
INO
Had a strong move at the open and came back to HTF daily pivot level and vwap. We made a range break under vwap and got bid back up. Tape started getting slow and price unabel to move lower. Saw some good sized offers taken out so got in. Added as we ticked higher.
We went sideways in a 10cent range for several minutes. Volume very low. Large seller mustve hit the market, we skipped under my stop by a few pennys but I got out before it got worse.
PTON
Another v strong open past all levels. Retraced to vwap with some decent volume but kept getting bought back up. Started making a triangle and on its way back to vwap + HTF level was very low volume. Tested under vwap and was met with buying and more bids starting showing up and I got in.
Added again once when we started ticking higher and had a volume bump.
Small theme here all the names I was watching made these triangles, failed, and started selling off. PTON was right after it as well and I got out too slow on a breakdown from vwap.
After I got out, there was a large buyer that wouldnt budge. I decided to get in in front of him again.
We were under vwap now with increased volume, but buying was still here on the tape.
He couldnt hold, so out again. Will now have to wait for much more bullish action.
WORK
Work had been all over the map failing higher and lower. It just made a new HOD after a new LOD and failed it as well retracing back to vwap + HBO level. Once it got under vwap with super low volume, hit the HTF level, I still saw a lot of buying, I got a starter in. Had a very nice pop to start.
Made a nice triangle, still great tape cues. I added on the triangle/range high break. Stop increased a little bit as now I have TL + VWAP to work with as potential S. Breakout was v low volume though.
Noticing a theme again, lots of failed breaks higher in this market. Lots of names dumping right now. WORK showing some signs but not all great. Will look to exit sooner than later. Tape still great and holding triangle TL.
Deciding to add again. SPY ripping to new HOD and WORK absorbing any selling im seeing. Buyers still here and lots of green printing.
SPY failed new HOD hard and sold off almost a point in a minute. WORK no reaction. Still good buying, absorbing selling.
Added more. pushing size more on relative strength and still great tape action. It needs to go very very soon though. If not am looking to exit before vwap/tl test. As long as it can still hold range it has been in, buyers have not given up .80
Broke range higher into more large sellers. 11k at whole number. Broke just fine. New HOD here. Taking off half on 1min candle low. Structure a little odd so will have to deal with last half being breakeven still for the moment.
Put in a HL above 31 and made new HOD. Still v good volume.
We also were forming a rising wedge. On that new HOD push we came just a penny under the top TL. If it gets broken I will take another half. On the opposite end we are still defending the bottom TL. If we break lower and hold lower under it I will take another half off.
Volume on last attempted move to new HOD was v low and starting to see a lot of red on tape. Will exit all on wedge breakdown.
Broke the wedge, didnt see any significant selling, but gave me new stop.
Started getting really tight, buyers not giving up .30. Made new HOD. Top TL too far away now, trend looks to continue.
Spoke too soon, SPY also made a giant rising wedge, broke out to the upside and WORK followed. Coincidentally WORK TL was also right at prev HOD. Great spot. Took last partial, final 100 shares left to ride.
1ATR move on WORK is at 31.87 another .09 cents away. Will take another half up there.
Just keeps on moving. Another half taken.
Finally broke trend and stopped out last bit.
BYND
V strong open no pbs, right past HTF levels. Pulled back with a little less than the same volume it rose up with. Had a nice flush after it couldnt hold above major HTF level and started coiling around it. Mainly building under it and prev HOD. V low volume around here making a triangle, feel like it can go either direction but my gut is telling me short here. Will wait for a failed move higher to short.
Long can still happen but the pop will have to have good vol and stick a pullback.
Initial breakdown was weak. Slight vol increase but its getting bought up and wicks are v bullish looking each closing above TL. Came back to vwap and failed rolling over again.
I tried a scalp on it short. Added as it came down to whole number. Couldnt stick a flush for me so stopped out with a L. Ended up making another point move lower. LT was better.
After I was all out of WORK nothing else setup for me. Levels werent really in play and too much chop for me to want to sit and wait.
Biggest problem today was being to slow to exit. A few more than -1R losses always hurt. Need to be fast or put the order in manually so I dont even have to think about it.
Happy with today overall though. Got big on BYND trade. Took a big chance, just didnt pay off this time. WORK obviously a really nice trade. INO just too bad it didnt go for me. PTON may have been a bit forced. There wasnt a clear level to work with rather just a triangle trendline. And even then it wasnt holding well or showing that many signs on bullishness. But I took 3 Ls on it anyways for a total of -4.3R. Big nono.
Still feeling good about what im looking to do in these markets now. Looking to catch these LT trades on pullbacks, no more breakout trades is working well for me for now. As always looking ot get bigger on the better ones is key.
Had a strong move at the open and came back to HTF daily pivot level and vwap. We made a range break under vwap and got bid back up. Tape started getting slow and price unabel to move lower. Saw some good sized offers taken out so got in. Added as we ticked higher.
We went sideways in a 10cent range for several minutes. Volume very low. Large seller mustve hit the market, we skipped under my stop by a few pennys but I got out before it got worse.
PTON
Another v strong open past all levels. Retraced to vwap with some decent volume but kept getting bought back up. Started making a triangle and on its way back to vwap + HTF level was very low volume. Tested under vwap and was met with buying and more bids starting showing up and I got in.
Added again once when we started ticking higher and had a volume bump.
Small theme here all the names I was watching made these triangles, failed, and started selling off. PTON was right after it as well and I got out too slow on a breakdown from vwap.
After I got out, there was a large buyer that wouldnt budge. I decided to get in in front of him again.
We were under vwap now with increased volume, but buying was still here on the tape.
He couldnt hold, so out again. Will now have to wait for much more bullish action.
WORK
Work had been all over the map failing higher and lower. It just made a new HOD after a new LOD and failed it as well retracing back to vwap + HBO level. Once it got under vwap with super low volume, hit the HTF level, I still saw a lot of buying, I got a starter in. Had a very nice pop to start.
Made a nice triangle, still great tape cues. I added on the triangle/range high break. Stop increased a little bit as now I have TL + VWAP to work with as potential S. Breakout was v low volume though.
Noticing a theme again, lots of failed breaks higher in this market. Lots of names dumping right now. WORK showing some signs but not all great. Will look to exit sooner than later. Tape still great and holding triangle TL.
Deciding to add again. SPY ripping to new HOD and WORK absorbing any selling im seeing. Buyers still here and lots of green printing.
SPY failed new HOD hard and sold off almost a point in a minute. WORK no reaction. Still good buying, absorbing selling.
Added more. pushing size more on relative strength and still great tape action. It needs to go very very soon though. If not am looking to exit before vwap/tl test. As long as it can still hold range it has been in, buyers have not given up .80
Broke range higher into more large sellers. 11k at whole number. Broke just fine. New HOD here. Taking off half on 1min candle low. Structure a little odd so will have to deal with last half being breakeven still for the moment.
Put in a HL above 31 and made new HOD. Still v good volume.
We also were forming a rising wedge. On that new HOD push we came just a penny under the top TL. If it gets broken I will take another half. On the opposite end we are still defending the bottom TL. If we break lower and hold lower under it I will take another half off.
Volume on last attempted move to new HOD was v low and starting to see a lot of red on tape. Will exit all on wedge breakdown.
Broke the wedge, didnt see any significant selling, but gave me new stop.
Started getting really tight, buyers not giving up .30. Made new HOD. Top TL too far away now, trend looks to continue.
Spoke too soon, SPY also made a giant rising wedge, broke out to the upside and WORK followed. Coincidentally WORK TL was also right at prev HOD. Great spot. Took last partial, final 100 shares left to ride.
1ATR move on WORK is at 31.87 another .09 cents away. Will take another half up there.
Just keeps on moving. Another half taken.
Finally broke trend and stopped out last bit.
BYND
V strong open no pbs, right past HTF levels. Pulled back with a little less than the same volume it rose up with. Had a nice flush after it couldnt hold above major HTF level and started coiling around it. Mainly building under it and prev HOD. V low volume around here making a triangle, feel like it can go either direction but my gut is telling me short here. Will wait for a failed move higher to short.
Long can still happen but the pop will have to have good vol and stick a pullback.
Initial breakdown was weak. Slight vol increase but its getting bought up and wicks are v bullish looking each closing above TL. Came back to vwap and failed rolling over again.
I tried a scalp on it short. Added as it came down to whole number. Couldnt stick a flush for me so stopped out with a L. Ended up making another point move lower. LT was better.
After I was all out of WORK nothing else setup for me. Levels werent really in play and too much chop for me to want to sit and wait.
Biggest problem today was being to slow to exit. A few more than -1R losses always hurt. Need to be fast or put the order in manually so I dont even have to think about it.
Happy with today overall though. Got big on BYND trade. Took a big chance, just didnt pay off this time. WORK obviously a really nice trade. INO just too bad it didnt go for me. PTON may have been a bit forced. There wasnt a clear level to work with rather just a triangle trendline. And even then it wasnt holding well or showing that many signs on bullishness. But I took 3 Ls on it anyways for a total of -4.3R. Big nono.
Still feeling good about what im looking to do in these markets now. Looking to catch these LT trades on pullbacks, no more breakout trades is working well for me for now. As always looking ot get bigger on the better ones is key.
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