5/22 DRC
Yesterday we had a lot of news to digest out there. Market had been running up slowly a while it was time for a pb and we got a decent one in SPY to about the middle of the weeks range. Which we are very tight at the moment in SPY stuck in a 6point range. Im expecting to see more downside but premarket is very strong here. We gapped about a point lower from yest lod and came all the way back up and then some to yest POC before the open. A very good spot to see what happens next.
I got a good list today, some pretty good setups, some continuation. Will just have to wait and see what happens.
Yesterdays problems were mainly coming from not being involved. So goals for today
1. Keep staying aggressive when you see it.
2. When you see that big sell/tape cues, get in. LT entry to start with smaller size. Add the bigger size once we get closer to the bid/offer
3. Dont get sucked into lower time frame trading too much. Must remember the big picture and trade around it. Fight for price.
TWLO
To start the day SPY dropped a point and a half. TWLO was a major mover since its earnings and super bullish. It also dropped at the open into yest hod + prev ath breakout point. Was watching tape and saw big buyers coming in followed buy a lot of aggro buys.
I got in as it started ticking up and after SPY started reversing TWLO did the same. Just looking for a vwap test here. Market is weak to start, no reason to expect it to not continue so will take what I can get.
Buying so clear here and lots of it.
Got to 201 above vwap and found our first sign of selling. Took half off.
SPY went up tapped vwap, turned lower. Waiting for TWLO to react ill get out rest if it acts weak. So far not though. May see new HOD. Sellers stacking at 202. Taken out.
Saw buyer step in at 202. SPY turning lower will be out if he breaks. And out all. Great tape cues. Will look for re entry on pb to vwap.
Tape is off here. lots of buying but we are not going higher atm. SPY also ripping back up. Need to see pb cant chase.
TWLO cannot get under this 201.70 area. Sellers cannot get under it. Once/if it does and rips back up im in.
Ripped higher without breaking it. Couldnt get in on that, wasnt comfortable with it. Looked like it was due for a pb alongside mrkt weakness.
Names I am watching are getting stupid over extended. No way to get in.
Maybe a bull trap here? Made new HOD with tons of volume but we are not going anywhere higher.
Saw hidden sell at .50 wasnt fast enough. Dumped lower for a flash.
NFLX
Early in day sold off right to major in play area and bought up quick. Later in day returned right to it and saw a huge volume spike. SPY had also failed a LOD push and started rising back above vwap and internals saw some strength too. Wanted a reversal scalp here
NFLX coild for a few minutes, then broke for new LOD. got bought up again right away so there is buying here. SPY still moving up.
Slwoly made its way lower. Hadnt made a new 1min cnadle hi in 25 minutes. Saw a large seller on tape. Then saw lots of buying. Once he broke I was in and added with momentum.
Initial pop was great. SPY still up, needs to go faster though. Buying not here any more atm.
Then had another nice pop. Sold half at 1st sign of selling. Nice stop under 433 and out. Nice quick pop, expected more a lot faster. Originally looking for shorts around this area. If it continues to be weak ill look for it. Needs to consolidate.
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Relative weakness and market getting weak. Saw huge seller a while ago, but was taken out and trieed higher again. We are super tight around this area. Not sure what to expect but I like both directions. Have to assume bulls will hold until they dont.
Decent sized bid at 332 which was also triangle breakdown. Volume got really low and SPY still ugly. Internals even worse. Got starter
I am max BP, we started ticking lower and HUGE seller came in at whole number. Now I wait.
He is stepping lower. I am exiting majority once he is broken.
And he broke, still holding a 1/5. I was as big as I could get so 50 shares is still a decent chunk on NFLX. SPY still dropping and NFLX finding big volume down here. Prev LOD is just another 50 cents lower.
Internals quickly reversed and NFLX RIPPED back up to breakdown area. Stop for last 50 is b/e
Turned lower just as fast as it got up. No chance to add back in. Made new LOD, will hold 50 for as long as I can. NFLX has reasons to break 427 today if market can be weak alongside it. Tape is clear.
SPY just building at weekly lows here. V clear range to buy against and so far it is working. SPY coming back up to vwap, if I see tape cues to add I will.
Made new LOD again and tapped yest LOD.
Im gonna be pissed, there is a guy coming to fix my basement, im gonna have to leave the desk for a little bit. Gonna suck if I come back and see I missed my add chance.
NFLX anchored vwap from Earnings, is right above price right now. Excellent spot for find shorts . We broke above micro range we had her, saw some selling and I added some shares back on.
SPY still pulling up back to vwap. NFLX still rel weak. If momentum and SPY picks up lower again ill add more.
SPY pulled up pretty good with internals into vwap. NFLX still rel weak here. Have to wait. RVOL at .6 so market will/should influence it. Need to see weakness in both.
We have a nice TL in play from the triangle earlier to work with. Im seeing signs of selling drying up not as aggro, probably from SPY not being weak yet. Ill look to exit on range high break rather than let it go all the way back to entry.
Small flush lower, then SPY turned lower. Stopped out as it came up. Probably does need to revisit 433ish again before more moves lower.
Well had to go with the flow. SPY dropped hard and fast made new pivot low but not LOD. NFLX followed and I got back in larger size with great stop spot. Had a nice follow through but came right back up past entry. SPY also ripped right back up.
SPY still up, noticed a hidden seller show up at .20 stop moved above him. NFLX also MA crossover. I dont usually pay attention but when I saw that a flood of buying came into hit that seller. Stop above him.
SPY and internals looking to roll over. No chance to add on NFLX. Had super fast flush underLOD and prev lod. Buy up too fast no chance to cover anything. Just as fast as it dumped, ripped right back to entry alongside SPY. No reason to take a loss so SL is just above whole number 432 where entry was. Also coincides with TL from prev triangle. And stopped me out. Have to wait for this thing to pb now. Cant force anything else.
1ST HOUR
Shitscrazyyo. Some of these names are straight lines up. No pbs. No deep pbs anyways so I cant get in anything. Kinda all over the map here SPY making a W internals finally showing some strength. Im going to have to wait on a lot of pullbacks to get long something. Lots of names up and holding higher v far from vwap.
Solid trading though. Got a couple nice wins to start the day.
NVAX and MRNA weak. Maybe time for that big sell? MRNA can also be a solid buy the dip scenario its headed into a good buy zone here.
2ND HOUR
Well SPY and internals doesnt know what it wants. All over the map still. Wondering if thisll be like yesterday where we rip shorts faces off again.
SPY
Failed another LOD push below the big buy zone and came back above vwap again. This time holding above with nice buying wicks just under it. Internals also trending up strongly with FANG sideways but not weak. Getting super small starter since I want better entry at vwap. Will add on breakout though.
Saw momentum to to the upside starting. Internals also reaching for new highs. This break will also be into a triangle top TL from HOD
Added on break. Right into TL. vol slow but everything else looks good. Guy is here, I have to leave. Stop is in.
And back, came back to vwap, held so missed chance for bigger add and made new high. Problem though its not breaking and now internals arent correlating with PA here so we got warning signs.
Just rolled on over. Stopped out. Internals new lows too. Dont want back in.
MRNA news came out and dumped. Maybe a cause.
ROKU
Originally looking short, had a nice move to start and then made a giant triangle. Failed once to break higher but at the time SPY was dropping. Also ROKU has a history here of getting sold off at the open and then regaining all of it later in the day. That combined with the failure to hold under levels made me interested. Just like TSLA a lot of shorts involved here.
So we kepy getting tighter and tighter starting to coil above vwap and made LHs and a great TL that held several times. I got a small starter and added with momentum.
SPY started breaking higher from its triangle too. Added more on bo of micro pivot. Above 110 is what we really need.
Well SPY is ripping and ROKU isnt finding the strength. Stop is just under vwap along with TL break.
Stopped out as it ticked lower.
I cant see the short. Tape is not clear, PA is everywhere and market is popping. Wont go for it.
Ended up slowly dumping. Still couldnt see it. Other than a failure, but low rvol and market doing what its doing, not interested.
LOGM
Reversal. Hit all checks. Coiled a while lower then a 50k buy hit. And tape started going off. Hidden sell and buy and we started pickng up speed. Tried to add didnt get the fill.
Great pop, then sellers took over right away again with a hidden seller holding us down. Stopped out tiny win.
NFLX
Held under vwap all day long. Failed a triangle break higher so we have relative weakness. We broke down from triangle and pulled back to TL and held under it v clean. Went for small starter. Tape picked up speed a bit.
Still coiling all around this HTF zone. Keeps failing above it, keeps failing below it. Most recent failure was up so lets see if it dumps. SPY is sideways.
Broke above last held price, stopped out. SPY also moving up.
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Decided to switch bias and go long above vwap. Went for a scalp and added but no pop came. Buyers were there but so were sellers.
Gave back a chunk of what I made in the morning but nbd. Took good trades. Going to fill out my stats and come back and see if anything is good.
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Sideways for so long around that range. After one final failed move higher + SPY freak volume candle dropping price, NFLX looked alright for a sclp breakdown as the VA would be lost. Took it under lows. Took half on new 1min candle hi, another half on seller break higher.
Covered another half on blow out bottom into LOD.
Very nice channel to work with, we broke above it as SPY was dumping. I waited to see it stall out for a moment, it did and rolled back over so new SL in place.
I am looking at this trade and the market right now. We are failing. We are rolling over and headed lower fairly quickly. I am debating holding this NFLX scalp as a swing position.
There is a POC level at 423 and reasons for NFLX to still find buyers around that area. But with it failing and market rolling over I can see it losing that area as well. an ULTIMATE target might be something like 394.
I need to see the close today. If SPY can close under LOD and NFLX closes under 427 Ill do it. 30 minutes left in the day. Its definitely possible.
If not stop is in for last partial above 429 or if we somehow get over extended and break the downtrendline.
NFLX did find a lot of volume down here by 427.50 and couldnt go any lower. SPY also ripping higher after a vwap test. May not happen.
Broke TL again and rolled back over, new LOD new stop.
VERY interested to see PA if we lose 427 here.
Well we broke the D lo, but not 427. Nothing.
Broke new channel TL again, SPY pulling up pretty good.
Started picking up momentum on the way up and covered last bit. Debated going for scalp long, didnt see much good tape action. But theres 3 points of shorts looking to get out now. Could keep rolling higher.
SWKS
Big reversal run up. Clear over ext. + tape + vol. Couldnt go for me, bids appeared kept stepping in and up.
Overall today was pretty good.
Started off strong, nice wins. Got as big as I could on NFLX once I saw it and it paid off. Sucks all my other ideas didnt work out but I liked what I saw and traded it accordingly. ROKU was a better short after so many failed up moves, could have probably gone without it. NFLX scalp at the end couldve been managed a bit better maybe. Just exiting faster but gotta be ok with risk. Going to spend most review time on weekly now.
I got a good list today, some pretty good setups, some continuation. Will just have to wait and see what happens.
Yesterdays problems were mainly coming from not being involved. So goals for today
1. Keep staying aggressive when you see it.
2. When you see that big sell/tape cues, get in. LT entry to start with smaller size. Add the bigger size once we get closer to the bid/offer
3. Dont get sucked into lower time frame trading too much. Must remember the big picture and trade around it. Fight for price.
TWLO
To start the day SPY dropped a point and a half. TWLO was a major mover since its earnings and super bullish. It also dropped at the open into yest hod + prev ath breakout point. Was watching tape and saw big buyers coming in followed buy a lot of aggro buys.
I got in as it started ticking up and after SPY started reversing TWLO did the same. Just looking for a vwap test here. Market is weak to start, no reason to expect it to not continue so will take what I can get.
Buying so clear here and lots of it.
Got to 201 above vwap and found our first sign of selling. Took half off.
SPY went up tapped vwap, turned lower. Waiting for TWLO to react ill get out rest if it acts weak. So far not though. May see new HOD. Sellers stacking at 202. Taken out.
Saw buyer step in at 202. SPY turning lower will be out if he breaks. And out all. Great tape cues. Will look for re entry on pb to vwap.
Tape is off here. lots of buying but we are not going higher atm. SPY also ripping back up. Need to see pb cant chase.
TWLO cannot get under this 201.70 area. Sellers cannot get under it. Once/if it does and rips back up im in.
Ripped higher without breaking it. Couldnt get in on that, wasnt comfortable with it. Looked like it was due for a pb alongside mrkt weakness.
Names I am watching are getting stupid over extended. No way to get in.
Maybe a bull trap here? Made new HOD with tons of volume but we are not going anywhere higher.
Saw hidden sell at .50 wasnt fast enough. Dumped lower for a flash.
NFLX
Early in day sold off right to major in play area and bought up quick. Later in day returned right to it and saw a huge volume spike. SPY had also failed a LOD push and started rising back above vwap and internals saw some strength too. Wanted a reversal scalp here
NFLX coild for a few minutes, then broke for new LOD. got bought up again right away so there is buying here. SPY still moving up.
Slwoly made its way lower. Hadnt made a new 1min cnadle hi in 25 minutes. Saw a large seller on tape. Then saw lots of buying. Once he broke I was in and added with momentum.
Initial pop was great. SPY still up, needs to go faster though. Buying not here any more atm.
Then had another nice pop. Sold half at 1st sign of selling. Nice stop under 433 and out. Nice quick pop, expected more a lot faster. Originally looking for shorts around this area. If it continues to be weak ill look for it. Needs to consolidate.
---------------------------------------------------------
Relative weakness and market getting weak. Saw huge seller a while ago, but was taken out and trieed higher again. We are super tight around this area. Not sure what to expect but I like both directions. Have to assume bulls will hold until they dont.
Decent sized bid at 332 which was also triangle breakdown. Volume got really low and SPY still ugly. Internals even worse. Got starter
I am max BP, we started ticking lower and HUGE seller came in at whole number. Now I wait.
He is stepping lower. I am exiting majority once he is broken.
And he broke, still holding a 1/5. I was as big as I could get so 50 shares is still a decent chunk on NFLX. SPY still dropping and NFLX finding big volume down here. Prev LOD is just another 50 cents lower.
Internals quickly reversed and NFLX RIPPED back up to breakdown area. Stop for last 50 is b/e
Turned lower just as fast as it got up. No chance to add back in. Made new LOD, will hold 50 for as long as I can. NFLX has reasons to break 427 today if market can be weak alongside it. Tape is clear.
SPY just building at weekly lows here. V clear range to buy against and so far it is working. SPY coming back up to vwap, if I see tape cues to add I will.
Made new LOD again and tapped yest LOD.
Im gonna be pissed, there is a guy coming to fix my basement, im gonna have to leave the desk for a little bit. Gonna suck if I come back and see I missed my add chance.
NFLX anchored vwap from Earnings, is right above price right now. Excellent spot for find shorts . We broke above micro range we had her, saw some selling and I added some shares back on.
SPY still pulling up back to vwap. NFLX still rel weak. If momentum and SPY picks up lower again ill add more.
SPY pulled up pretty good with internals into vwap. NFLX still rel weak here. Have to wait. RVOL at .6 so market will/should influence it. Need to see weakness in both.
We have a nice TL in play from the triangle earlier to work with. Im seeing signs of selling drying up not as aggro, probably from SPY not being weak yet. Ill look to exit on range high break rather than let it go all the way back to entry.
Small flush lower, then SPY turned lower. Stopped out as it came up. Probably does need to revisit 433ish again before more moves lower.
Well had to go with the flow. SPY dropped hard and fast made new pivot low but not LOD. NFLX followed and I got back in larger size with great stop spot. Had a nice follow through but came right back up past entry. SPY also ripped right back up.
SPY still up, noticed a hidden seller show up at .20 stop moved above him. NFLX also MA crossover. I dont usually pay attention but when I saw that a flood of buying came into hit that seller. Stop above him.
SPY and internals looking to roll over. No chance to add on NFLX. Had super fast flush underLOD and prev lod. Buy up too fast no chance to cover anything. Just as fast as it dumped, ripped right back to entry alongside SPY. No reason to take a loss so SL is just above whole number 432 where entry was. Also coincides with TL from prev triangle. And stopped me out. Have to wait for this thing to pb now. Cant force anything else.
1ST HOUR
Shitscrazyyo. Some of these names are straight lines up. No pbs. No deep pbs anyways so I cant get in anything. Kinda all over the map here SPY making a W internals finally showing some strength. Im going to have to wait on a lot of pullbacks to get long something. Lots of names up and holding higher v far from vwap.
Solid trading though. Got a couple nice wins to start the day.
NVAX and MRNA weak. Maybe time for that big sell? MRNA can also be a solid buy the dip scenario its headed into a good buy zone here.
2ND HOUR
Well SPY and internals doesnt know what it wants. All over the map still. Wondering if thisll be like yesterday where we rip shorts faces off again.
SPY
Failed another LOD push below the big buy zone and came back above vwap again. This time holding above with nice buying wicks just under it. Internals also trending up strongly with FANG sideways but not weak. Getting super small starter since I want better entry at vwap. Will add on breakout though.
Saw momentum to to the upside starting. Internals also reaching for new highs. This break will also be into a triangle top TL from HOD
Added on break. Right into TL. vol slow but everything else looks good. Guy is here, I have to leave. Stop is in.
And back, came back to vwap, held so missed chance for bigger add and made new high. Problem though its not breaking and now internals arent correlating with PA here so we got warning signs.
Just rolled on over. Stopped out. Internals new lows too. Dont want back in.
MRNA news came out and dumped. Maybe a cause.
ROKU
Originally looking short, had a nice move to start and then made a giant triangle. Failed once to break higher but at the time SPY was dropping. Also ROKU has a history here of getting sold off at the open and then regaining all of it later in the day. That combined with the failure to hold under levels made me interested. Just like TSLA a lot of shorts involved here.
So we kepy getting tighter and tighter starting to coil above vwap and made LHs and a great TL that held several times. I got a small starter and added with momentum.
SPY started breaking higher from its triangle too. Added more on bo of micro pivot. Above 110 is what we really need.
Well SPY is ripping and ROKU isnt finding the strength. Stop is just under vwap along with TL break.
Stopped out as it ticked lower.
I cant see the short. Tape is not clear, PA is everywhere and market is popping. Wont go for it.
Ended up slowly dumping. Still couldnt see it. Other than a failure, but low rvol and market doing what its doing, not interested.
LOGM
Reversal. Hit all checks. Coiled a while lower then a 50k buy hit. And tape started going off. Hidden sell and buy and we started pickng up speed. Tried to add didnt get the fill.
Great pop, then sellers took over right away again with a hidden seller holding us down. Stopped out tiny win.
NFLX
Held under vwap all day long. Failed a triangle break higher so we have relative weakness. We broke down from triangle and pulled back to TL and held under it v clean. Went for small starter. Tape picked up speed a bit.
Still coiling all around this HTF zone. Keeps failing above it, keeps failing below it. Most recent failure was up so lets see if it dumps. SPY is sideways.
Broke above last held price, stopped out. SPY also moving up.
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Decided to switch bias and go long above vwap. Went for a scalp and added but no pop came. Buyers were there but so were sellers.
Gave back a chunk of what I made in the morning but nbd. Took good trades. Going to fill out my stats and come back and see if anything is good.
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Sideways for so long around that range. After one final failed move higher + SPY freak volume candle dropping price, NFLX looked alright for a sclp breakdown as the VA would be lost. Took it under lows. Took half on new 1min candle hi, another half on seller break higher.
Covered another half on blow out bottom into LOD.
Very nice channel to work with, we broke above it as SPY was dumping. I waited to see it stall out for a moment, it did and rolled back over so new SL in place.
I am looking at this trade and the market right now. We are failing. We are rolling over and headed lower fairly quickly. I am debating holding this NFLX scalp as a swing position.
There is a POC level at 423 and reasons for NFLX to still find buyers around that area. But with it failing and market rolling over I can see it losing that area as well. an ULTIMATE target might be something like 394.
I need to see the close today. If SPY can close under LOD and NFLX closes under 427 Ill do it. 30 minutes left in the day. Its definitely possible.
If not stop is in for last partial above 429 or if we somehow get over extended and break the downtrendline.
NFLX did find a lot of volume down here by 427.50 and couldnt go any lower. SPY also ripping higher after a vwap test. May not happen.
Broke TL again and rolled back over, new LOD new stop.
VERY interested to see PA if we lose 427 here.
Well we broke the D lo, but not 427. Nothing.
Broke new channel TL again, SPY pulling up pretty good.
Started picking up momentum on the way up and covered last bit. Debated going for scalp long, didnt see much good tape action. But theres 3 points of shorts looking to get out now. Could keep rolling higher.
SWKS
Big reversal run up. Clear over ext. + tape + vol. Couldnt go for me, bids appeared kept stepping in and up.
Overall today was pretty good.
Started off strong, nice wins. Got as big as I could on NFLX once I saw it and it paid off. Sucks all my other ideas didnt work out but I liked what I saw and traded it accordingly. ROKU was a better short after so many failed up moves, could have probably gone without it. NFLX scalp at the end couldve been managed a bit better maybe. Just exiting faster but gotta be ok with risk. Going to spend most review time on weekly now.
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