9/3 DRC
Things getting choppy. Early morning sell off and weakness everywhere. Had some huge down moves out there in beta. And later in afternoon completely ripped it and spiked up and held each new high. Never seen anything like it. Tough to trade for sure. Giving some decent reversal candidates out there but still, longs are winning.
A little tough to see the clean shorts out there so dont have many on watchlist but they are out there. Still have majority longs.
Beatdowns look ready to explode again so got all of them on watch again. Plenty of others on the side as well.
As for my trading, was tough in the morning. Kept seeing longs despite the clear weakness so nothing moved well for my until the market was ready to rip higher. Need to be cautious and patent today to make sure im following the market. If we have a repeat of yesterdays weakness, it should be difficult to find a good long. If its not clean, I dont need to be a part of it. Wait until it is.
1. Dont fight the market. If we are weak, do not settle for any longs less than the best. MAs, Above vwap, failed to move lower.
2. Momentum scalps are my best winners this month so far, go for them if the setup is there. The ones I did take were extremely clean and clear.
Market is weak and trending lower into open. Reversal names looking good.
BA CHWY DKNG GRPN LLY TTWO ZM DXCM Beatdowns.
Tons to look out for at the open.
MGM
Beatdowns ripping, MGM setup nice. Got to vwap,m failed range break under and ripped up. Added and stalled a bit but made new HOD. Following for taking half.
Action got ugly, stuffed the HOD break so gave up a lot on this trade. Came right back to breakeven and all out.
Couldnt find a way back in, back to new HOD.
LVS
Only beatdown hasnt left yet. Is tight above prev hod, want to see a vwap test before entry. Might be able to get it.
Quietly came down to test and saw good action. Late entry but in. Action tight above, range hi to break into hod, then 52.
Came to stop, held spiked up. Added more. Came to range high, rejecting hard again. Tough call but edge to bulls still. Just keeps getting tighter
Broke and added. new HOD. Big vol break.
SPY now helping, were stalling though, tight candle holding above 52, looking for more here. Next D level at 53 and looks like a clear shot right to it. Vol slowing a bit. Took majority off.
All the way back to breakeven, out. Jesus.
Vwap test for re entry.
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And got it, refresh buyer here.
In and bigger. Added a few times, neber broke him so long as hes in im in. Looking for HOD again.
Vol very slow suddenly. Feel like this is a problem, should be popping.
Made decent pop higher, if doesnt follow through all out.
Getting my wish, moving higher with bids big and following. Vol still very low, this is a problem I believe. Should be ripping with others.
Huge bid stepping up, but not seeing any buying following v odd. Ill let it be for now still. Up 3R so stop set. If bid breaks all out.
Well made it to HOD, havent broken yet. Will take half, not giving it up, whole up move v slow low vol. Bids great but actual trades, no.
Took half off on 1min low, exited rest on big bid breaking.
Will stay patient again, wait for it to pullback in for re entry, no need to chase this one. Tape is odd.
RRGB
Strong open like all beat downs, retraced to under vwap but above prev hod. Coiling with good vol cues.
Started spiking up, with bids, got in just before break, looking to add.
Very tight, dropped lower on me but stop still in,
Came to stop, stalled but all out. Ready for reentry at better spot. Vol still very low here. Just under prev hod now, could be fake out.
PLAY
Weak moment in market, everything falling for moment but PLAY into prev hod and range low, Good spot to see failed break lower get bought up.
Good buying we turned and im in and added, SPY stalled for a moment but continuing lower, other beatdowns 5050. Some turn some not. May want to take small W or L
Yeah bailed early, need to wait for better conditions atm. Dont need to be 1st.
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There are big bids here. Keep getting taken out but theyre here and refreshing. Made new lows anyways.
CAKE
Same as PLAY, weak structure into strong spot. Tape is great. Just broke TL im not in, will have to wait on good retest, hopefully soon. Market still weak trending lower, not turning. Internals not helping either.
Market finally having one of those big sell offs.
REVERSALS
Market big dump, plenty names following, havent taken reversal trades in forever, lets see what we get.
ETSY
Solid everything. As always have to follow SPY and we did get a little bounce, I also got the rare double add. Pulled back to stop twice and spiked up twice getting me 2 adds. Solid pop, tape was great but fast and choppy. Took all off as we sold off and rest as it got close to breakeven. Can still run but these are scalps.
And that was the only one to get. Market still sold off more but now recovering bouncing back
LLY
Sold off as well, reclaimed prev hod and broke TL from HOD. Not finding any volume but not losing. Looks like a momo scalp situation. Waiting.
Saw buyers come in with volume. In and added twice.
Nothing but buying on tape, not moving much higher yet.
Hidden seller all out breakeven. HTF MAs also touching price just above. Too bad looked very good.
NVAX
Almost repeat of LLY. Little uglier but structure is there. Waiting on momentum, buyers have been here but cant seem to bust higher yet. Market coiling sideways but looks stronger.
Got it as we ticked up, SPY also turning. Looked good, now into top TL, expecting it to go.
Couldnt, all out a bit early, waiting.
Still holding higher, waiting on the momentum. Buyers still below.
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Failing the triangle breakdown, SPY dropping lower weakly, internals not seeing same weakness, still think trade is here.
Failed lower, tape skippy and bids back above prev highs into top TL again, vol growing and buying here bids all in front of each other. Looking for move still, SPY helping for a flash, turning right back lower again.
And out again, SPY losing it.
Going to give this one more shot if we start seeing the long again at 106.
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And SPY ripped higher NVAX followed up to 106. Waiting.
Up to it again, buying still here, need to see it get through 106 for in.
MAs very tight all coiled just above. We see 106 and above, were above them.
Made new low, big vol increase, failed and back at prev hod again. Still thinking theres a long here.
Continually drifting lower with SPY, but hanging on to anything. Still looks good. Just need SPY to start turning.
And once it did NVAX was quick to jump on it, vol growing again on way up and tape getting skippy again. Still big buys here.
Now SPY making another new low, NVAX holding higher.
Bounced up and im in, Same case as last time now above all and added a couple times. SPY also ripping higher. 1st stop at 106.65
Structure now great with price and good vol done above, shouldnt turn should go, big short pop im hoping,
Stalling above, cant go yet even with SPY still rising. Offer showed,took him, made new micro high, still under .65. SPY and internals all up right now. We should be going.
Big bid showing at 106 will be stop. We should not be taking this long right now, And he broke, all out tiny loss. Damn shame looks very good. No idea what taking so long, may leave without but is fine.
Pretty good day. Morning I was fast and on top of things. The PLAY and RRGB trades I maybe couldve gone without. I think they were ok takes given how beatdowns were ripping all day until that point, but SPY was weak and making LL consistently so overall a weak market. Either way small losses so no big deal.
NVAX was frustrating but I suppose this is something im gonna have to get used to on days like this when we see the monster sell.
Reversal trades are going to be back in action if we keep seeing what we saw today. Nailed the ETSY trade and probably missed a few other good ones on top of that.
Traded well, happy with today, ready for more selling if the market wants to give it. I have no problems switching to overall short bias, but theres still a decent ways to go for that. Expecting chop tomorrow.
A little tough to see the clean shorts out there so dont have many on watchlist but they are out there. Still have majority longs.
Beatdowns look ready to explode again so got all of them on watch again. Plenty of others on the side as well.
As for my trading, was tough in the morning. Kept seeing longs despite the clear weakness so nothing moved well for my until the market was ready to rip higher. Need to be cautious and patent today to make sure im following the market. If we have a repeat of yesterdays weakness, it should be difficult to find a good long. If its not clean, I dont need to be a part of it. Wait until it is.
1. Dont fight the market. If we are weak, do not settle for any longs less than the best. MAs, Above vwap, failed to move lower.
2. Momentum scalps are my best winners this month so far, go for them if the setup is there. The ones I did take were extremely clean and clear.
Market is weak and trending lower into open. Reversal names looking good.
BA CHWY DKNG GRPN LLY TTWO ZM DXCM Beatdowns.
Tons to look out for at the open.
MGM
Beatdowns ripping, MGM setup nice. Got to vwap,m failed range break under and ripped up. Added and stalled a bit but made new HOD. Following for taking half.
Action got ugly, stuffed the HOD break so gave up a lot on this trade. Came right back to breakeven and all out.
Couldnt find a way back in, back to new HOD.
LVS
Only beatdown hasnt left yet. Is tight above prev hod, want to see a vwap test before entry. Might be able to get it.
Quietly came down to test and saw good action. Late entry but in. Action tight above, range hi to break into hod, then 52.
Came to stop, held spiked up. Added more. Came to range high, rejecting hard again. Tough call but edge to bulls still. Just keeps getting tighter
Broke and added. new HOD. Big vol break.
SPY now helping, were stalling though, tight candle holding above 52, looking for more here. Next D level at 53 and looks like a clear shot right to it. Vol slowing a bit. Took majority off.
All the way back to breakeven, out. Jesus.
Vwap test for re entry.
----------------------------------------------------------------------------
And got it, refresh buyer here.
In and bigger. Added a few times, neber broke him so long as hes in im in. Looking for HOD again.
Vol very slow suddenly. Feel like this is a problem, should be popping.
Made decent pop higher, if doesnt follow through all out.
Getting my wish, moving higher with bids big and following. Vol still very low, this is a problem I believe. Should be ripping with others.
Huge bid stepping up, but not seeing any buying following v odd. Ill let it be for now still. Up 3R so stop set. If bid breaks all out.
Well made it to HOD, havent broken yet. Will take half, not giving it up, whole up move v slow low vol. Bids great but actual trades, no.
Took half off on 1min low, exited rest on big bid breaking.
Will stay patient again, wait for it to pullback in for re entry, no need to chase this one. Tape is odd.
RRGB
Strong open like all beat downs, retraced to under vwap but above prev hod. Coiling with good vol cues.
Started spiking up, with bids, got in just before break, looking to add.
Very tight, dropped lower on me but stop still in,
Came to stop, stalled but all out. Ready for reentry at better spot. Vol still very low here. Just under prev hod now, could be fake out.
PLAY
Weak moment in market, everything falling for moment but PLAY into prev hod and range low, Good spot to see failed break lower get bought up.
Good buying we turned and im in and added, SPY stalled for a moment but continuing lower, other beatdowns 5050. Some turn some not. May want to take small W or L
Yeah bailed early, need to wait for better conditions atm. Dont need to be 1st.
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There are big bids here. Keep getting taken out but theyre here and refreshing. Made new lows anyways.
CAKE
Same as PLAY, weak structure into strong spot. Tape is great. Just broke TL im not in, will have to wait on good retest, hopefully soon. Market still weak trending lower, not turning. Internals not helping either.
Market finally having one of those big sell offs.
REVERSALS
Market big dump, plenty names following, havent taken reversal trades in forever, lets see what we get.
ETSY
Solid everything. As always have to follow SPY and we did get a little bounce, I also got the rare double add. Pulled back to stop twice and spiked up twice getting me 2 adds. Solid pop, tape was great but fast and choppy. Took all off as we sold off and rest as it got close to breakeven. Can still run but these are scalps.
And that was the only one to get. Market still sold off more but now recovering bouncing back
LLY
Sold off as well, reclaimed prev hod and broke TL from HOD. Not finding any volume but not losing. Looks like a momo scalp situation. Waiting.
Saw buyers come in with volume. In and added twice.
Nothing but buying on tape, not moving much higher yet.
Hidden seller all out breakeven. HTF MAs also touching price just above. Too bad looked very good.
NVAX
Almost repeat of LLY. Little uglier but structure is there. Waiting on momentum, buyers have been here but cant seem to bust higher yet. Market coiling sideways but looks stronger.
Got it as we ticked up, SPY also turning. Looked good, now into top TL, expecting it to go.
Couldnt, all out a bit early, waiting.
Still holding higher, waiting on the momentum. Buyers still below.
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Failing the triangle breakdown, SPY dropping lower weakly, internals not seeing same weakness, still think trade is here.
Failed lower, tape skippy and bids back above prev highs into top TL again, vol growing and buying here bids all in front of each other. Looking for move still, SPY helping for a flash, turning right back lower again.
And out again, SPY losing it.
Going to give this one more shot if we start seeing the long again at 106.
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And SPY ripped higher NVAX followed up to 106. Waiting.
Up to it again, buying still here, need to see it get through 106 for in.
MAs very tight all coiled just above. We see 106 and above, were above them.
Made new low, big vol increase, failed and back at prev hod again. Still thinking theres a long here.
Continually drifting lower with SPY, but hanging on to anything. Still looks good. Just need SPY to start turning.
And once it did NVAX was quick to jump on it, vol growing again on way up and tape getting skippy again. Still big buys here.
Now SPY making another new low, NVAX holding higher.
Bounced up and im in, Same case as last time now above all and added a couple times. SPY also ripping higher. 1st stop at 106.65
Structure now great with price and good vol done above, shouldnt turn should go, big short pop im hoping,
Stalling above, cant go yet even with SPY still rising. Offer showed,took him, made new micro high, still under .65. SPY and internals all up right now. We should be going.
Big bid showing at 106 will be stop. We should not be taking this long right now, And he broke, all out tiny loss. Damn shame looks very good. No idea what taking so long, may leave without but is fine.
Pretty good day. Morning I was fast and on top of things. The PLAY and RRGB trades I maybe couldve gone without. I think they were ok takes given how beatdowns were ripping all day until that point, but SPY was weak and making LL consistently so overall a weak market. Either way small losses so no big deal.
NVAX was frustrating but I suppose this is something im gonna have to get used to on days like this when we see the monster sell.
Reversal trades are going to be back in action if we keep seeing what we saw today. Nailed the ETSY trade and probably missed a few other good ones on top of that.
Traded well, happy with today, ready for more selling if the market wants to give it. I have no problems switching to overall short bias, but theres still a decent ways to go for that. Expecting chop tomorrow.
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