5/13 DRC
Today was the day to see if the bears could do anything special. SPY had a pretty weak day and we lost our channel again. As Always lately benefit of the doubt goes to bulls so I was still mainly looking at longs.
INO
Another continuation play. Open was strong and we got above yest HOD and held around it for a while. We made a triangle, broke lower and found some good buying wicks bringing us back above vwap and yest HOD. Buying on the tape and large bids were there. I added twice as we kept ticking higher.
Couldnt hold the .50 though to stopped out, looked to reset.
PTON
Broke higher from its Earnings triangle yest and I looked for continuation. Went sideways most of the day but respect the initial earnings gap hi level very well both long and short. We had a nice couple downtrend line that were broken to the upside after failing lower a few times.
The tape was clearly showing buying, but also had sellers. It got to make a new range high and topped out at a hidden seller at .50. It came back to vwap + TL + earnings gap hi and held it for a split moment. Volume very low and I missed my chance to get a bigger first entry. Had to settle for half size a little higher and waited to see if it would come back and retest.
Came back to .46 with volume rising back up again and still good buying on tape. Going for scalp if it breaks.
Didnt get to that .50 and stopped me out on a flash dump under vwap + whole number. Reversed right away and made it back to .40s. Waiting for pb to vwap again to look for re entry.
Made another LL under vwap and met with huge buyer spiking it back up to vwap again. Couldnt stop the selling though as SPY was also dumping.
MGNX
Relatively weak but saw its biggest volume of the day at LOD break into pmkt lo + yest LOD. Was unable to make a lower low and price started ticking higher so I got a starter.
Couldnt find it, made new LOD and stopped out.
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Kept selling off all day. Came into prev LOD and pmkt low. Bounced but lost it oto. Very long TL from HOD in play and if MGNX breaks it to the upside it will be right into that prev lod level. Will look for more shorts if it can.
NVAX
Strong all day. Struggled at yest rejection area a few times. Came into play a lot. Later in day we lost uptrend and vwap and came back to that zone. Each time we dipped under huge buying came in preventing it from dropping more. I couldnt ignore the strength and got a starter on as it kept ticking higher. Volume was huge and the zone was clearly telling me buyers are still here.
Came back above vwap and top end of micro range, the trade looks as if it could still go both ways as there are good levels above vwap to be short against. But buying on the tape telling me long is the way to go.
Hidden seller showed up and big bid. Bid broke, nothing, seller broke, nothing.
I doubled as we ticked higher again bids still here. Volume pb low. Clean new SL to work with so ~b/e trade.
Tape fantastic as we broke micro range but didnt blow up right away. Took off 100 to cover my ass. 200 left.
Trade needs to go from here. Will have to deal with some vwap + whole number + HTF area to give it a chance to hold. But it should not fail if its going to be a good trade. No sense in letting it go past b/e
TL +42 is what im looking at for profit target. HOD at 42.80. Vol is good + failure lower so expecting it to have a good break if it gets there.
Big buying on pb. 15k+
SPY breaking down hard again, headed for LOD. Not helping my trade and stopped out as it broke whole number.
Would love re entry here theres new TL + old intraday S but market is dumping hard. This trade if it was that strong wouldnt be doing what its doing. Will have to chill for a moment and wait for it to settle.
Dumped another point and a half. All those longs were in trouble maybe shouldve looked for the short. Tough though after seeing all that buying. No regrets.
DDOG
During whole dump DDOG was sideways holding on with volume cues. V clean TL in play and it was getting really tight. Also right around yest HOD and a test to pmkt high that tapped and bounced. Went for the breakout long LT entry. Smaller size because obviously market is weak and dont would rather have the wind with me than against.
Had a chance to add and dint go for it. It pbs to HTF level and tapped bounced perfectly. Market still dumping so didnt want to risk it. Started rising pretty strong.
Mde HHs and pulled back to TL + HTF level with some volume. Tapped TL v nicely looking to add if I can with b/e stop on initial trade.
Lost it and whole number and got out. small loss.
YELP
1st reversal trade this month. Market was dumping so got some decent reversal setups YELP one of them. Had clear over extension and volume and SPY rising alongside it. Tape looked good had some buy big buys come in. .63 was level to work with, it broke I got in and immediately stuffed me but not to new LOD my stop. It came back made a new high, still good buying and SPY with it. I added some. We got a small pop and SPY turned right back lower real quick bring yelp with. Tiny win.
SPY
some divergence scalps. Clear short signs, didnt go. Clear long signs, went well.
VTIQ
Decently strong alll day until the drop. Another crazy over extended stock started falling with the market. Retraced to AH highs and started finding good R there unable to get above it. I wanted to see a test above the range before I decided to get involved. TL was coming up and SPY also retracing. There were big bids and offers on each end so hard to judge which one is winning. Buyers bought dips, sellers prevented a move above AH hi. Have to wait and see.
Buyers finally got above and ripped .50 higher on a tick.
Got above vwap with some vol, came back to intraday level with same volume, then it got real quiet. Offers started showing up and a couple big bids and got taken out. Sellers starting to take over and were stepping down with price. I got a starter and added twice as we kept dropping more. Overall we are still just barely holding above .85 but tape doesnt look good for it to hold. There is also a TL break happening.
SPY also dropping again, but started rising up quicker than before, VTIQ followed a little bit still very low volume.
Started ripping on me buyers came in again. Stop was just above vwap but were defending for the moment.
We held and turned lower. If I can exit b/e And we show signs it doesnt want lower at that moment, I will take the small L and look to get back in on a range breakdown.
Moved stop to seller at .50 If its going to turn it needs to go now. Volume cues are completely on buy side not seeing any significant selling. And out. Good call it ripped a point + in a few minutes.
Today was an alright day again. I was there to step on the gas when I saw it, p/l could be much different I think if market wasnt dumping.
My problem today was being to slow to switch and recognize a short bias was in play after all the failed longs. There were a few really good shorts that came right to levels that I could have played off of but I wasnt quick enough.
I told myself at the start of the day bears have a chance to show us whats up, but bulls get the win to start. They failed and the shorts followed through with some really good setups. Will be on it better tomorrow.
Still doing good being patient in waiting for what I need to see. Good times will come, feels very close.
INO
Another continuation play. Open was strong and we got above yest HOD and held around it for a while. We made a triangle, broke lower and found some good buying wicks bringing us back above vwap and yest HOD. Buying on the tape and large bids were there. I added twice as we kept ticking higher.
Couldnt hold the .50 though to stopped out, looked to reset.
PTON
Broke higher from its Earnings triangle yest and I looked for continuation. Went sideways most of the day but respect the initial earnings gap hi level very well both long and short. We had a nice couple downtrend line that were broken to the upside after failing lower a few times.
The tape was clearly showing buying, but also had sellers. It got to make a new range high and topped out at a hidden seller at .50. It came back to vwap + TL + earnings gap hi and held it for a split moment. Volume very low and I missed my chance to get a bigger first entry. Had to settle for half size a little higher and waited to see if it would come back and retest.
Came back to .46 with volume rising back up again and still good buying on tape. Going for scalp if it breaks.
Didnt get to that .50 and stopped me out on a flash dump under vwap + whole number. Reversed right away and made it back to .40s. Waiting for pb to vwap again to look for re entry.
Made another LL under vwap and met with huge buyer spiking it back up to vwap again. Couldnt stop the selling though as SPY was also dumping.
MGNX
Relatively weak but saw its biggest volume of the day at LOD break into pmkt lo + yest LOD. Was unable to make a lower low and price started ticking higher so I got a starter.
Couldnt find it, made new LOD and stopped out.
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Kept selling off all day. Came into prev LOD and pmkt low. Bounced but lost it oto. Very long TL from HOD in play and if MGNX breaks it to the upside it will be right into that prev lod level. Will look for more shorts if it can.
NVAX
Strong all day. Struggled at yest rejection area a few times. Came into play a lot. Later in day we lost uptrend and vwap and came back to that zone. Each time we dipped under huge buying came in preventing it from dropping more. I couldnt ignore the strength and got a starter on as it kept ticking higher. Volume was huge and the zone was clearly telling me buyers are still here.
Came back above vwap and top end of micro range, the trade looks as if it could still go both ways as there are good levels above vwap to be short against. But buying on the tape telling me long is the way to go.
Hidden seller showed up and big bid. Bid broke, nothing, seller broke, nothing.
I doubled as we ticked higher again bids still here. Volume pb low. Clean new SL to work with so ~b/e trade.
Tape fantastic as we broke micro range but didnt blow up right away. Took off 100 to cover my ass. 200 left.
Trade needs to go from here. Will have to deal with some vwap + whole number + HTF area to give it a chance to hold. But it should not fail if its going to be a good trade. No sense in letting it go past b/e
TL +42 is what im looking at for profit target. HOD at 42.80. Vol is good + failure lower so expecting it to have a good break if it gets there.
Big buying on pb. 15k+
SPY breaking down hard again, headed for LOD. Not helping my trade and stopped out as it broke whole number.
Would love re entry here theres new TL + old intraday S but market is dumping hard. This trade if it was that strong wouldnt be doing what its doing. Will have to chill for a moment and wait for it to settle.
Dumped another point and a half. All those longs were in trouble maybe shouldve looked for the short. Tough though after seeing all that buying. No regrets.
DDOG
During whole dump DDOG was sideways holding on with volume cues. V clean TL in play and it was getting really tight. Also right around yest HOD and a test to pmkt high that tapped and bounced. Went for the breakout long LT entry. Smaller size because obviously market is weak and dont would rather have the wind with me than against.
Had a chance to add and dint go for it. It pbs to HTF level and tapped bounced perfectly. Market still dumping so didnt want to risk it. Started rising pretty strong.
Mde HHs and pulled back to TL + HTF level with some volume. Tapped TL v nicely looking to add if I can with b/e stop on initial trade.
Lost it and whole number and got out. small loss.
YELP
1st reversal trade this month. Market was dumping so got some decent reversal setups YELP one of them. Had clear over extension and volume and SPY rising alongside it. Tape looked good had some buy big buys come in. .63 was level to work with, it broke I got in and immediately stuffed me but not to new LOD my stop. It came back made a new high, still good buying and SPY with it. I added some. We got a small pop and SPY turned right back lower real quick bring yelp with. Tiny win.
SPY
some divergence scalps. Clear short signs, didnt go. Clear long signs, went well.
VTIQ
Decently strong alll day until the drop. Another crazy over extended stock started falling with the market. Retraced to AH highs and started finding good R there unable to get above it. I wanted to see a test above the range before I decided to get involved. TL was coming up and SPY also retracing. There were big bids and offers on each end so hard to judge which one is winning. Buyers bought dips, sellers prevented a move above AH hi. Have to wait and see.
Buyers finally got above and ripped .50 higher on a tick.
Got above vwap with some vol, came back to intraday level with same volume, then it got real quiet. Offers started showing up and a couple big bids and got taken out. Sellers starting to take over and were stepping down with price. I got a starter and added twice as we kept dropping more. Overall we are still just barely holding above .85 but tape doesnt look good for it to hold. There is also a TL break happening.
SPY also dropping again, but started rising up quicker than before, VTIQ followed a little bit still very low volume.
Started ripping on me buyers came in again. Stop was just above vwap but were defending for the moment.
We held and turned lower. If I can exit b/e And we show signs it doesnt want lower at that moment, I will take the small L and look to get back in on a range breakdown.
Moved stop to seller at .50 If its going to turn it needs to go now. Volume cues are completely on buy side not seeing any significant selling. And out. Good call it ripped a point + in a few minutes.
Today was an alright day again. I was there to step on the gas when I saw it, p/l could be much different I think if market wasnt dumping.
My problem today was being to slow to switch and recognize a short bias was in play after all the failed longs. There were a few really good shorts that came right to levels that I could have played off of but I wasnt quick enough.
I told myself at the start of the day bears have a chance to show us whats up, but bulls get the win to start. They failed and the shorts followed through with some really good setups. Will be on it better tomorrow.
Still doing good being patient in waiting for what I need to see. Good times will come, feels very close.
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