3/12/2019
Didn't make the same mistake today like I did on $ELAN yesterday.
$ROKU - Went short 100 shares looking for the ORBD. Got a move down and covered. Traded the P/L as usual. Could've squeezed more out of it, but didn't want to be greedy. This move was 1% of my equity.
Signal: Close below VWAP and 9MA 5-minute.
$MOMO- Price action at open squeezed up and closed above VWAP/9MA 5-minute. I took a similar trade long on $ELAN yesterday and got stopped out on a fade. I went short 100 shares this time taking it as the bulls couldn't hold the price up. I covered everything at the 20MA 5-minute (blue line) thinking the price action would bounce from there. Made the right call. $MOMO gave a nasty reversal opportunity later. Good entries at the 9MA 5-minute.
$SFIX - I had the same mindset here like I did on $MOMO. Bulls couldn't hold the price action up so I shorted. I almost shorted at 9:40, but didn't feel like it was the right time. I wanted to see the close above/below the 9MA 5-minute first. If I shorted, I would've gotten caught in a nasty squeeze. After the price action didn't close below the 9MA 5-minute, I waited. When I did short, 75 shares with a stop above the previous candle. Figured if it would go, it would be now. Got a big drop, but covered too soon as always. Was looking for 35.50, but I thought that if the price action closed below VWAP, it could go to 35 or near the 20MA 5-minute (blue line). Went a lot lower.
$DKS - Had it on my watchlist, but stop watching it after the trash action that it had. The price action straighten up later and offered a solid clean breakdown after close below the 9MA/VWAP 5-minute.
Result: