5/7 DRC
Came into today expecting to be busy. Lots of big name gappers and plenty to watch.
SPY still not doing anything special. Building value sideways at top end of monthly VA. Bias goes to long side until it doesnt.
SPCE
Great looking chart, great intraday patterns. Tiny scalp win at the open to start the day.
Later on came back to revisit that 19.05 level several times and we fianlly got a break and I was in. There were more hidden sellers right after the break, we ticked lower, then lower again and I got out of my scalp. I saw 0 positive tape signs here, it ticked lower again to 19 and then blew up. No clue, no chance for getting back in.
To make matters more frustrating I wanted the LT long back at that 19. Came to 19.06, again no clear tape signs so never got a starter in, blew up again. Was best looking trade of the day and I left it breakeven.
PTON
Another earnings gapper. Put in some real clear levels pmkt and AH. Very over extended on D chart so I looked for shorts. Was the only one that really failed at the open. Had a really nice short setup I missed 20 minutes into the day and continued to lose all the S levels I had. Later retraced alongside SPY and tested above past range high and failed around vwap. Once it tested under vwap again, got back above with low volume into the top TL from HOD I got a starter.
At this time SPY had just failed another push under vwap and was ripping higher. V strong. PTON was delayed but eventually followed it and I hit out on a new high.
Didnt go much further and we didnt see a big squeeze or volume so I wanted back in. It got back under vwap and started seeing good selling pressure with wicks on top ends of candles so I got my starter back on. Added on new low and added again with more tape cues.
SPY was still all over the map but started trending higher again and looked strong again, except this time PTON had rel weakness and really good tape action the whole time. I wanted to add more at vwap on a retest of it but it never quite got there. Offers were huge. Still waited for a chance to add more.
Started getting really tight, new top TL almost in play just above vwap so I had to wait for a test above vwap before I decided to get out. Volume was drying up on the downside but offers still sat here and were still coiling under vwap and HTF level so not enough for an early exit yet. Market was still strong though.
Monster squeeze. Didnt panic out, waited for a small pb to exit.
I suppose after seeing it fail a TL break lower twice, and a range break lower with v low volume I should have taken that as warning signs to exit on any bullishness above vwap. I really gave it a lot of space above it. Had big sellers at .40 .50 then the TL. And I waited on all of them. Couldve cut loss in half and should have.
NVDA
SPY had a huge breakout higher and NVDA got back above vwap + HTF level I was originally watching. Also had a nice triangle break, retraced to it + vwap + HTF level and held, that with strength in market and SMH I got long and added once it started going. I could have gotten a little bigger to start. Overall a very clean setup.
Made a HH then right back to vwap + TL. Broke TL and saw no volume increase but price started skipping higher and I added. Nothing major here. At this point we got SPY sideways and NVDA hasnt seen much strength. Still holding important levels. Not going to ignore warning signs like I did with PTON though, will get out under vwap / 304.
We started skipping higher again, tape picked up speed added again. Made new high with small vol bump. Started accelerating moving higher on no pbs with increased vol. Channel TL drawn from bottom TL. If it gets over extended I look to exit all and re enter on retest of levels.
SPY lost its new range it just made and NVDA was making new highs. RelS. SMH was going sideways making a bullflag triangle. Would obv be a huge help to see it bust out.
NVDA started going sideways a bit, still holding up ok, volume still kinda flat. Starting to see signs the trend is weakening. 20mins of sideways here. A new LL would be right on top of TL so I will have to wait and judge PA if it breaks lower before stopping out. New high made by a couple pennys and rejected lower. Will be new stop.
Trend clearly weakening. Rate of ascent slwoly rolling over. Each new high wouldnt stick. SL is a TL break and hold.
Broke the TL, I held on for pivot since it was just underneath. We ended up not seeing any weakness after the TL break and went and made a new high. Big offer at 307 once hes broken I take half on new 1min lo.
Got to it and saw 40k there, we brought it down to 4k and then reversed and stopped me out. Solid trade.
Overall a good day. Only mistake was not stopping out sooner on PTON. With NVDA it makes sense to give it room to work and stay in because its been a solid win showing good PA. With PTON it wasnt a solid win at any real point and we had a few warning signs its not as weak as I thought.
SPY still not doing anything special. Building value sideways at top end of monthly VA. Bias goes to long side until it doesnt.
SPCE
Great looking chart, great intraday patterns. Tiny scalp win at the open to start the day.
Later on came back to revisit that 19.05 level several times and we fianlly got a break and I was in. There were more hidden sellers right after the break, we ticked lower, then lower again and I got out of my scalp. I saw 0 positive tape signs here, it ticked lower again to 19 and then blew up. No clue, no chance for getting back in.
To make matters more frustrating I wanted the LT long back at that 19. Came to 19.06, again no clear tape signs so never got a starter in, blew up again. Was best looking trade of the day and I left it breakeven.
PTON
Another earnings gapper. Put in some real clear levels pmkt and AH. Very over extended on D chart so I looked for shorts. Was the only one that really failed at the open. Had a really nice short setup I missed 20 minutes into the day and continued to lose all the S levels I had. Later retraced alongside SPY and tested above past range high and failed around vwap. Once it tested under vwap again, got back above with low volume into the top TL from HOD I got a starter.
At this time SPY had just failed another push under vwap and was ripping higher. V strong. PTON was delayed but eventually followed it and I hit out on a new high.
Didnt go much further and we didnt see a big squeeze or volume so I wanted back in. It got back under vwap and started seeing good selling pressure with wicks on top ends of candles so I got my starter back on. Added on new low and added again with more tape cues.
SPY was still all over the map but started trending higher again and looked strong again, except this time PTON had rel weakness and really good tape action the whole time. I wanted to add more at vwap on a retest of it but it never quite got there. Offers were huge. Still waited for a chance to add more.
Started getting really tight, new top TL almost in play just above vwap so I had to wait for a test above vwap before I decided to get out. Volume was drying up on the downside but offers still sat here and were still coiling under vwap and HTF level so not enough for an early exit yet. Market was still strong though.
Monster squeeze. Didnt panic out, waited for a small pb to exit.
I suppose after seeing it fail a TL break lower twice, and a range break lower with v low volume I should have taken that as warning signs to exit on any bullishness above vwap. I really gave it a lot of space above it. Had big sellers at .40 .50 then the TL. And I waited on all of them. Couldve cut loss in half and should have.
NVDA
SPY had a huge breakout higher and NVDA got back above vwap + HTF level I was originally watching. Also had a nice triangle break, retraced to it + vwap + HTF level and held, that with strength in market and SMH I got long and added once it started going. I could have gotten a little bigger to start. Overall a very clean setup.
Made a HH then right back to vwap + TL. Broke TL and saw no volume increase but price started skipping higher and I added. Nothing major here. At this point we got SPY sideways and NVDA hasnt seen much strength. Still holding important levels. Not going to ignore warning signs like I did with PTON though, will get out under vwap / 304.
We started skipping higher again, tape picked up speed added again. Made new high with small vol bump. Started accelerating moving higher on no pbs with increased vol. Channel TL drawn from bottom TL. If it gets over extended I look to exit all and re enter on retest of levels.
SPY lost its new range it just made and NVDA was making new highs. RelS. SMH was going sideways making a bullflag triangle. Would obv be a huge help to see it bust out.
NVDA started going sideways a bit, still holding up ok, volume still kinda flat. Starting to see signs the trend is weakening. 20mins of sideways here. A new LL would be right on top of TL so I will have to wait and judge PA if it breaks lower before stopping out. New high made by a couple pennys and rejected lower. Will be new stop.
Trend clearly weakening. Rate of ascent slwoly rolling over. Each new high wouldnt stick. SL is a TL break and hold.
Broke the TL, I held on for pivot since it was just underneath. We ended up not seeing any weakness after the TL break and went and made a new high. Big offer at 307 once hes broken I take half on new 1min lo.
Got to it and saw 40k there, we brought it down to 4k and then reversed and stopped me out. Solid trade.
Overall a good day. Only mistake was not stopping out sooner on PTON. With NVDA it makes sense to give it room to work and stay in because its been a solid win showing good PA. With PTON it wasnt a solid win at any real point and we had a few warning signs its not as weak as I thought.
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