5/12 DRC
Was shaping up to be a pretty busy day. Lots of names moving and gapping. Mostly Biotech going crazy. Plans for today were to wait for the levels I wanted to come in play and the tape to act favorable to my thesis and pull the trigger. No need to force anything.
MGNX
pmkt trend was down after a huge spike up. Went right back to yest high and the original gap high last week. Good zone to work with. The price action was moving lower and there was a good amount of welling but was unable to drop that gap high. Tape was good so I got a starter as we came back to it after a vwap test.
Large bid showed up and held I added more in front of him stop at new LOD.
Couldnt hold stopped out. Will have to reclaim 28 for re entry.
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Drifted lower and got back above vwap with a huge volume increase. We came back on a low vol pb to vwap + prev HOD and held it with v little volume so buyers were here. I added as we started ticking higher and bids showed up.
Added again on whole number break. Targeting HOD. Tape looked great.
Volume increase right to HOD.
Pushed to 29.35 which was a 1ATR move and I sold half.
Retraced to the rising TL + prev HOD on v low volume and I added more.
Stop is now this TL failing to hold.
We broke the TL came right to my stop before getting me out then came back up on super low volume. Taking this as warning signs and exiting half on a new 1min candle low break.
Had big bid get taken out, and hidden seller show up trend seems to be weakening quite a lot here.
Stopped out the rest.
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Later on we made another giant triangle. Price was basing above vwap which was also yest HOD and I wanted a long again. 1st time ive ever been pissed off at algos. Id put my limit in, theyd jump right in front of me assholes. Missed my initial good entry had to settled for the breakout only. Volume was increasing here on the failed breakdown from vwap + range + prevday + TL so we looked really good here.
10 star trade with tape and buying cues so im going ot get big on a new range break again. Feels nerve wracking but thats how its supposed to be right.
Went sideways for a bit, then INO MRNA and NVAX all dumped points within seconds oddly. MGNX being another stock in that group, luckily didnt react, but if It did at all I was going to exit early and still am. They are dumping still and SPY alongside. MGNX just had a big bid show up and hold so thats what ill be working with.
We broke minor TL and snapped lower fast. Pennies above SL. Saw a decent sized buyer just under it, if he breaks I am out for a tiny loser.
Slowly drifted back up, no volume, no new high. Losing minor trendline again. Looking to exit sooner than later.
Lost it, but no vol came in, came right back up made new micro range high. Will move stop higher up.
Also forming a rising wedge now and price breaking whole number will be at top TL. Looking to exit half if tape doesnt improve.
Did have nice volume bump but also rejected it dropping too much too fast for me. Will hold through as volume still rising on the upside looks good.
Ran into hidden seller just under HOD. Decided to wait and see retest of him. never came and gave up .80 cents on exit getting out at the bottom before it bounced. Really annoying. Small win. Shouldve just stuck with exit under whole number as it was also a TL break.
NVAX
Weak open got stuffed right away. Later in the day coiled lower under under vwap and got rejected once. Once it came to retest that pivot high again i was watching tape or an entry and saw it. Added once we ticked lower but couldnt stick it stopped out on new high.
Much later in the day it made a giant triangle coming into contact with a HTF tl that it failed a break lower. Came right back above vwap and started holding above it + the AH high. Total change in the price action. I got a starter on a new range high break. Would look to add on a new vwap test or TL if it got there.
Excellent start to the trade, huge bo with volume. TL is very steep and not that significant. Im going to have to be ok with it breaking and making a new longer term one. Though if it is in play, its in play and ill trade off it.
Came to 40 and a 55k seller was there. We were not hitting him aggressively and I wanted to take off in front of him and put back on if we broke but I didnt get the 2nd chance. Lost the TL but no flush or selling came in so I was ok waiting for a deeper pb.
We got to him again and there was now 80k+ sitting there so I bailed, put my order back in above him.
Got back in. On 26 cents of slippage. Right to next pivot high where we struggled again and saw more sellers just above, but made it through.
Im unhappy with this position. Tape still looks good we are seeing big sellers still her but not giving up any ground tot he downside. Im changing this to a breakeven trade if it comes back to entry.
Lucky for me that chance never came. We started getting a little parabolic and over extended from minor trendline so I looked to exit all on some action against me. big sellers still here at each level so 1min candle low I exited all and looked for a pb to hold.
And good thing I did holy hell. Seconds later had a mini flash crash dumping 2 points.
MRNA
MRNA had a nice pop at the open that failed and lost several points. It came back to vwap and 65 + pmkt lo + the long term TL + yest vwap holding it up nicely. We started coiling around the area and had nice bottom wicks showing buyers. We got above vwap, came back to it again held and faked a move lower and I got a starter.
Buying still great added more.
Sellers were too much it seemed I hit out before stop was hit as a large offer showed up and price started dropping.
Faked me out completely and we ripping higher back above micro range and I got back in.
Faked me out AGAIN and stopped out under the .55 Now it was just a mess and avoid.
Finally made a move lower and dumped more intraday levels. It had a nice squeeze back up to vwap + pmkt lo + intraday TL + HTF TL and I wanted short. Got a starter and added once we lost whole number 65. Tape looked great.
Buyers brought it back up again and no surprise we had a battle between both. Big offers and bids showing up.
Hidden seller at .15 once we dropped whole number again I double down, stop put just above him.
Price action flat out bizzare here. Stopped out after he broke and it ripped .20 cents.
Really happy I was able to put on size here and still take a smallish loss.
Good and bad today mostly good.
Bad.
Could have gone without the MRNA trades to start. Was only alittle clear but not a super clean HTF level. It was a spot that could have been considered a stuck in the middle spot, and it traded like it was. Gave a good amount up from that.
MGNX exit shouldve been much sooner. It showed warning signs and I gave it it too much room and paid the price for waiting. Run for the hills.
Good.
NVAX trades were good. The loss was fine. saw good cues at good levels oh well. Wins were good too. At good locations only problem was taking the breaks, wouldve been nicer to catch it lower somwhere but it is what it is.
MGNX trades were great and fairly easy to see and read.
Best thing today was me getting much bigger in a couple trades. I saw it and I went for it. To risk 130$ to make 800$+ is a big deal. And even better than i was able to cut it to a 60$ loss total. Great execution there. .
MGNX was also a great one because while I didnt get the fil, I was trying to get in at a fantastic spot. Wouldve been risking .20cents to make a dollar and a half.
Overall my tape reads around levels were really good. Im getting my levels down right, waiting for PA to come clean around it, see it on the tape and get in at a good price. Confidence coming back abd feels like im close to killing it again.
MGNX
pmkt trend was down after a huge spike up. Went right back to yest high and the original gap high last week. Good zone to work with. The price action was moving lower and there was a good amount of welling but was unable to drop that gap high. Tape was good so I got a starter as we came back to it after a vwap test.
Large bid showed up and held I added more in front of him stop at new LOD.
Couldnt hold stopped out. Will have to reclaim 28 for re entry.
-----------------------------------------
Drifted lower and got back above vwap with a huge volume increase. We came back on a low vol pb to vwap + prev HOD and held it with v little volume so buyers were here. I added as we started ticking higher and bids showed up.
Added again on whole number break. Targeting HOD. Tape looked great.
Volume increase right to HOD.
Pushed to 29.35 which was a 1ATR move and I sold half.
Retraced to the rising TL + prev HOD on v low volume and I added more.
Stop is now this TL failing to hold.
We broke the TL came right to my stop before getting me out then came back up on super low volume. Taking this as warning signs and exiting half on a new 1min candle low break.
Had big bid get taken out, and hidden seller show up trend seems to be weakening quite a lot here.
Stopped out the rest.
------------------------------------------
Later on we made another giant triangle. Price was basing above vwap which was also yest HOD and I wanted a long again. 1st time ive ever been pissed off at algos. Id put my limit in, theyd jump right in front of me assholes. Missed my initial good entry had to settled for the breakout only. Volume was increasing here on the failed breakdown from vwap + range + prevday + TL so we looked really good here.
10 star trade with tape and buying cues so im going ot get big on a new range break again. Feels nerve wracking but thats how its supposed to be right.
Went sideways for a bit, then INO MRNA and NVAX all dumped points within seconds oddly. MGNX being another stock in that group, luckily didnt react, but if It did at all I was going to exit early and still am. They are dumping still and SPY alongside. MGNX just had a big bid show up and hold so thats what ill be working with.
We broke minor TL and snapped lower fast. Pennies above SL. Saw a decent sized buyer just under it, if he breaks I am out for a tiny loser.
Slowly drifted back up, no volume, no new high. Losing minor trendline again. Looking to exit sooner than later.
Lost it, but no vol came in, came right back up made new micro range high. Will move stop higher up.
Also forming a rising wedge now and price breaking whole number will be at top TL. Looking to exit half if tape doesnt improve.
Did have nice volume bump but also rejected it dropping too much too fast for me. Will hold through as volume still rising on the upside looks good.
Ran into hidden seller just under HOD. Decided to wait and see retest of him. never came and gave up .80 cents on exit getting out at the bottom before it bounced. Really annoying. Small win. Shouldve just stuck with exit under whole number as it was also a TL break.
NVAX
Weak open got stuffed right away. Later in the day coiled lower under under vwap and got rejected once. Once it came to retest that pivot high again i was watching tape or an entry and saw it. Added once we ticked lower but couldnt stick it stopped out on new high.
Much later in the day it made a giant triangle coming into contact with a HTF tl that it failed a break lower. Came right back above vwap and started holding above it + the AH high. Total change in the price action. I got a starter on a new range high break. Would look to add on a new vwap test or TL if it got there.
Excellent start to the trade, huge bo with volume. TL is very steep and not that significant. Im going to have to be ok with it breaking and making a new longer term one. Though if it is in play, its in play and ill trade off it.
Came to 40 and a 55k seller was there. We were not hitting him aggressively and I wanted to take off in front of him and put back on if we broke but I didnt get the 2nd chance. Lost the TL but no flush or selling came in so I was ok waiting for a deeper pb.
We got to him again and there was now 80k+ sitting there so I bailed, put my order back in above him.
Got back in. On 26 cents of slippage. Right to next pivot high where we struggled again and saw more sellers just above, but made it through.
Im unhappy with this position. Tape still looks good we are seeing big sellers still her but not giving up any ground tot he downside. Im changing this to a breakeven trade if it comes back to entry.
Lucky for me that chance never came. We started getting a little parabolic and over extended from minor trendline so I looked to exit all on some action against me. big sellers still here at each level so 1min candle low I exited all and looked for a pb to hold.
And good thing I did holy hell. Seconds later had a mini flash crash dumping 2 points.
MRNA
MRNA had a nice pop at the open that failed and lost several points. It came back to vwap and 65 + pmkt lo + the long term TL + yest vwap holding it up nicely. We started coiling around the area and had nice bottom wicks showing buyers. We got above vwap, came back to it again held and faked a move lower and I got a starter.
Buying still great added more.
Sellers were too much it seemed I hit out before stop was hit as a large offer showed up and price started dropping.
Faked me out completely and we ripping higher back above micro range and I got back in.
Faked me out AGAIN and stopped out under the .55 Now it was just a mess and avoid.
Finally made a move lower and dumped more intraday levels. It had a nice squeeze back up to vwap + pmkt lo + intraday TL + HTF TL and I wanted short. Got a starter and added once we lost whole number 65. Tape looked great.
Buyers brought it back up again and no surprise we had a battle between both. Big offers and bids showing up.
Hidden seller at .15 once we dropped whole number again I double down, stop put just above him.
Price action flat out bizzare here. Stopped out after he broke and it ripped .20 cents.
Really happy I was able to put on size here and still take a smallish loss.
Good and bad today mostly good.
Bad.
Could have gone without the MRNA trades to start. Was only alittle clear but not a super clean HTF level. It was a spot that could have been considered a stuck in the middle spot, and it traded like it was. Gave a good amount up from that.
MGNX exit shouldve been much sooner. It showed warning signs and I gave it it too much room and paid the price for waiting. Run for the hills.
Good.
NVAX trades were good. The loss was fine. saw good cues at good levels oh well. Wins were good too. At good locations only problem was taking the breaks, wouldve been nicer to catch it lower somwhere but it is what it is.
MGNX trades were great and fairly easy to see and read.
Best thing today was me getting much bigger in a couple trades. I saw it and I went for it. To risk 130$ to make 800$+ is a big deal. And even better than i was able to cut it to a 60$ loss total. Great execution there. .
MGNX was also a great one because while I didnt get the fil, I was trying to get in at a fantastic spot. Wouldve been risking .20cents to make a dollar and a half.
Overall my tape reads around levels were really good. Im getting my levels down right, waiting for PA to come clean around it, see it on the tape and get in at a good price. Confidence coming back abd feels like im close to killing it again.
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