5/20 DRC
SPY no surprise, recovering all it lost yesterday and then some. Still banking on long side strength.
However with the MRNA news coming out I am looking to short some of these biotech names if they want to continue to sell off. Although with INO news, and MRNA new news, they are starting to perk up again. No porblem with longs either if they present themselves.
Yesterdays problems were being to big at the open, and taking a trade that hadnt really proved its HTF weakness yet. Getting short too big ahead of the actual HTF level break.
Todays goals
1. Dont be too big at open, still same small risk to start.
2. LT trades should only be take with clear PA in favor with my bias, and if HTF level/area has not been broken yet, trade needs tape cues to be involved.
3. Stay aggressive adding to the best performing trades from the start.
DG
Relative weakness here/ SPY coiled to start the day and broke up. DG was not following. Im waiting for a quick test above vwap into HTF zone to short against. Very good looking setup if it can give me what I want. RVOL is very low on it. Im wondering if it continues to be weak today, there are a ton of longs still holding for that ATH breakout that never found any footing. Thinking if we are weak they will be exiting.
Have to be patient, fight for price.
Started seeing tape cues and got filled. Not great price but after 4 attempts at this level and no break I wanted to make sure I was involved. Tape is great to start.
And then a few big buys ripped it back above the zone. Still waiting for more adds here as this was original plan.
Added as we stepped lower back under zone. Adding more under vwap. And added. Risk is a bit big here but thats ok I like what I see.
Couldnt find it. Fought the overall market pretty good her. SPY clearly strong, low RVOL meaning DG is susceptible to overall market conditions. Probably too big given context.
Well didnt matter, after stop out SPY turned lower and DG went right back to LOD with another huge sell followed by some buying. Waiting for a retest of VWAP again to get short.
Didnt even get there. I settled for a scalp short here. Volume cump. Tape is A+ sellers stepping in.
SPY just keeps getting strong, just ripping up.
Pulled up on me found a good spot to exit. Back to breakeven. Tape is still great here but need price to pay.
Stock is fucking with me I swear. Sellers wont go away but keep stepping higher buyer keep appearing. Late on exit took full -1R Cant stand seeing good tape action like that to only see it fail.
The stock is weak period. But it cant dump and I dont think I should expect it to. I need to chill, find a good price to get in at and let tape confirm.
NVAX
Weak open alongside MRNA. MRNA found strength ripped to new HOD and held it whiile NVAX held sideways.
Later on kept coiling above vwap but under yest LOD. Still thinking a short is here but waiting to see a range breakout 1st.
No luck, Dumped 4 points. Couldve gotten in earlier before the possible breakout, but not liking that risk as it was strong for the moment.
1ST HOUR. Odd day. SPY seems to be the only thing that is strong today. FANG not really there today and alll the names im watching arent strong either.
Pissed with DG, its at new LOD still heading lower. Found no good way to enter or trade it. Just out of luck. Bio names pretty weak. Not finding much strength at all. Waiting for good shorts.
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Had a nice flush lower, pulling back to 50 where weve got a lot of different R. VWAP + TL from HOD + yest AH lo. Very nice spot to find a short. If it can bust higher here into vwap I will wait for tape action.
Got a starter as we failed to stay above Some nice sell stuff wicks and lack of buying got me interested so tiny starter.
Broke above micro range and failed again, looked to add but chance never came. Stopped out above seller at .50
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Currently relatively weak compared to MRNA which is blowing up. It got to 51 and sharply turned lower back under vwap. Waiting for another retrace up to 50/50.25 to look for shorts again.
Got above and seeing some decent buying + volume. Long is not out of the question either.
Sideways and very low volume. Any mometum higher Ill buy some. Pullback I want in on too.
Well we broke higher, but I didnt see anything notable so I didnt go for it. Pullback wouldve been much easier for me to take, less stress.
Missed a big entry. Big buyer came in after breakout at 51 and stuck it. Wanted in in front but algos got in front of me didnt get the fill and it ran up.
Did come back to him though, MRNA and SPY both lost uptrendline and NVAX followed with. Will have to wait a moment before deciding to get back in again. Need to see tape action at 51.
MRNA
Had a strong open and then lost it. We coiled around vwap underneath yest LOD and old pmkt hi level. Broke a range higher into them and 70 and saw a lot of selling pressure show up. I added fairly quickly once we started ticking lower, offers kept appearing.
Couldnt hold under and stopped out on 70 break.
Stuffed right back under very quickly and saw a huge seller show up. I got in as I saw him fail to break.
And stopped out again as we broke above him. Will have to wait for some real downside action first.
BABA
news came out about senate passing a bill that would delist china stocks and they got hit hard. Too hard. I hate to say it was an obvious scalp but seeing these names crushed this much over a 'maybe' scenario that has nothing to do with the company itself, ill buy the dip.
Simple LH put in, long above it expecting plenty of shorts to come in. Before break could see tape picking up and buying come in. After break we stalled a split second, started rising and I added, not a great fill but I added.
Took off Add after 1st significant sign of sells coming in. Let rest ride til the next set of sells. And sold rest on new 1min candle low.
SHOP
Very interesting situation. So we had SPY lose just about everything mid day here on the new news and was slowly coming back up. SHOP had found some strength and broke out higher from vwap and range and a nice cup and handle pattern.
Problem is all these good looking breakouts are right into an area where SHOP has been rejected several times and not to mention intraday TLs creating a rising wedge + a slightly bearish market had me thinking this is a trap. I waited until we saw sellers and we did at 772. Once we started ticking lower sellers were right on top of things dropping offers as it kept moving lower. I got a starter and added twice. Stop above 772.
We bounced from previous R from early in day which isnt great, but volume has dies out pretty good here, might be my chance to add some.
We made a LL on 1min and had a good amount of red there. But still too much possible S again here. Not seeing any significant tape buying. Bottom TL still intact but barely. 769 is level that needs to be lost.
Broke TL but 0 volume so far. Sellers still here and seem to be slowly stepping lower. Time has passed and we shouldve been rolling, 769 not broken under yet. Stop lowered a point. Still looking to add.
Buyer showed up and bids started stepping up. Stopped out b/e. Cant see the long yet will have to wait.
Noticed SPY also had news. FOMC meeting came out and SPY freaked out, went higher and lower and everywhere. Will not look for re entry yet.
End of Day.
Upsetting day really. DG was a big dump and I didnt catch any of it. Shook me out twice and failed to look for re entry at vwap. Biggest problem was size on DG.
I am getting aggressive the WRONG way. Im too big too early, starting to big. I need to start small and add as it works. DG the obvious bad example and MRNA the good example. I started with ~35$ risk on 1st DG entry, where as MRNA I started with ~10 and added 10, and another 10.
Fortunate enough to get the scalp win on BABA. Big miss on NVAX didnt get the fill before the big buyer. Or any pb deep enough for an LT entry. Am starting my LT w/l review.
However with the MRNA news coming out I am looking to short some of these biotech names if they want to continue to sell off. Although with INO news, and MRNA new news, they are starting to perk up again. No porblem with longs either if they present themselves.
Yesterdays problems were being to big at the open, and taking a trade that hadnt really proved its HTF weakness yet. Getting short too big ahead of the actual HTF level break.
Todays goals
1. Dont be too big at open, still same small risk to start.
2. LT trades should only be take with clear PA in favor with my bias, and if HTF level/area has not been broken yet, trade needs tape cues to be involved.
3. Stay aggressive adding to the best performing trades from the start.
DG
Relative weakness here/ SPY coiled to start the day and broke up. DG was not following. Im waiting for a quick test above vwap into HTF zone to short against. Very good looking setup if it can give me what I want. RVOL is very low on it. Im wondering if it continues to be weak today, there are a ton of longs still holding for that ATH breakout that never found any footing. Thinking if we are weak they will be exiting.
Have to be patient, fight for price.
Started seeing tape cues and got filled. Not great price but after 4 attempts at this level and no break I wanted to make sure I was involved. Tape is great to start.
And then a few big buys ripped it back above the zone. Still waiting for more adds here as this was original plan.
Added as we stepped lower back under zone. Adding more under vwap. And added. Risk is a bit big here but thats ok I like what I see.
Couldnt find it. Fought the overall market pretty good her. SPY clearly strong, low RVOL meaning DG is susceptible to overall market conditions. Probably too big given context.
Well didnt matter, after stop out SPY turned lower and DG went right back to LOD with another huge sell followed by some buying. Waiting for a retest of VWAP again to get short.
Didnt even get there. I settled for a scalp short here. Volume cump. Tape is A+ sellers stepping in.
SPY just keeps getting strong, just ripping up.
Pulled up on me found a good spot to exit. Back to breakeven. Tape is still great here but need price to pay.
Stock is fucking with me I swear. Sellers wont go away but keep stepping higher buyer keep appearing. Late on exit took full -1R Cant stand seeing good tape action like that to only see it fail.
The stock is weak period. But it cant dump and I dont think I should expect it to. I need to chill, find a good price to get in at and let tape confirm.
NVAX
Weak open alongside MRNA. MRNA found strength ripped to new HOD and held it whiile NVAX held sideways.
Later on kept coiling above vwap but under yest LOD. Still thinking a short is here but waiting to see a range breakout 1st.
No luck, Dumped 4 points. Couldve gotten in earlier before the possible breakout, but not liking that risk as it was strong for the moment.
1ST HOUR. Odd day. SPY seems to be the only thing that is strong today. FANG not really there today and alll the names im watching arent strong either.
Pissed with DG, its at new LOD still heading lower. Found no good way to enter or trade it. Just out of luck. Bio names pretty weak. Not finding much strength at all. Waiting for good shorts.
--------------------------------------------------------
Had a nice flush lower, pulling back to 50 where weve got a lot of different R. VWAP + TL from HOD + yest AH lo. Very nice spot to find a short. If it can bust higher here into vwap I will wait for tape action.
Got a starter as we failed to stay above Some nice sell stuff wicks and lack of buying got me interested so tiny starter.
Broke above micro range and failed again, looked to add but chance never came. Stopped out above seller at .50
---------------------------------------------------------
Currently relatively weak compared to MRNA which is blowing up. It got to 51 and sharply turned lower back under vwap. Waiting for another retrace up to 50/50.25 to look for shorts again.
Got above and seeing some decent buying + volume. Long is not out of the question either.
Sideways and very low volume. Any mometum higher Ill buy some. Pullback I want in on too.
Well we broke higher, but I didnt see anything notable so I didnt go for it. Pullback wouldve been much easier for me to take, less stress.
Missed a big entry. Big buyer came in after breakout at 51 and stuck it. Wanted in in front but algos got in front of me didnt get the fill and it ran up.
Did come back to him though, MRNA and SPY both lost uptrendline and NVAX followed with. Will have to wait a moment before deciding to get back in again. Need to see tape action at 51.
MRNA
Had a strong open and then lost it. We coiled around vwap underneath yest LOD and old pmkt hi level. Broke a range higher into them and 70 and saw a lot of selling pressure show up. I added fairly quickly once we started ticking lower, offers kept appearing.
Couldnt hold under and stopped out on 70 break.
Stuffed right back under very quickly and saw a huge seller show up. I got in as I saw him fail to break.
And stopped out again as we broke above him. Will have to wait for some real downside action first.
BABA
news came out about senate passing a bill that would delist china stocks and they got hit hard. Too hard. I hate to say it was an obvious scalp but seeing these names crushed this much over a 'maybe' scenario that has nothing to do with the company itself, ill buy the dip.
Simple LH put in, long above it expecting plenty of shorts to come in. Before break could see tape picking up and buying come in. After break we stalled a split second, started rising and I added, not a great fill but I added.
Took off Add after 1st significant sign of sells coming in. Let rest ride til the next set of sells. And sold rest on new 1min candle low.
SHOP
Very interesting situation. So we had SPY lose just about everything mid day here on the new news and was slowly coming back up. SHOP had found some strength and broke out higher from vwap and range and a nice cup and handle pattern.
Problem is all these good looking breakouts are right into an area where SHOP has been rejected several times and not to mention intraday TLs creating a rising wedge + a slightly bearish market had me thinking this is a trap. I waited until we saw sellers and we did at 772. Once we started ticking lower sellers were right on top of things dropping offers as it kept moving lower. I got a starter and added twice. Stop above 772.
We bounced from previous R from early in day which isnt great, but volume has dies out pretty good here, might be my chance to add some.
We made a LL on 1min and had a good amount of red there. But still too much possible S again here. Not seeing any significant tape buying. Bottom TL still intact but barely. 769 is level that needs to be lost.
Broke TL but 0 volume so far. Sellers still here and seem to be slowly stepping lower. Time has passed and we shouldve been rolling, 769 not broken under yet. Stop lowered a point. Still looking to add.
Buyer showed up and bids started stepping up. Stopped out b/e. Cant see the long yet will have to wait.
Noticed SPY also had news. FOMC meeting came out and SPY freaked out, went higher and lower and everywhere. Will not look for re entry yet.
End of Day.
Upsetting day really. DG was a big dump and I didnt catch any of it. Shook me out twice and failed to look for re entry at vwap. Biggest problem was size on DG.
I am getting aggressive the WRONG way. Im too big too early, starting to big. I need to start small and add as it works. DG the obvious bad example and MRNA the good example. I started with ~35$ risk on 1st DG entry, where as MRNA I started with ~10 and added 10, and another 10.
Fortunate enough to get the scalp win on BABA. Big miss on NVAX didnt get the fill before the big buyer. Or any pb deep enough for an LT entry. Am starting my LT w/l review.
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