I should have been paid here. Tough to watch...
Difficult short.
I think that my thesis was legit.
Big day for QQQs yesterday but AAPL closed flat on "more stores closing" news.
Gap-up and push higher at the open today on overall market strength.
But failed to hold levels and sold-off below yesterdays high=$367.3s...
I liked that. At the bounce back to VWAP, started building the short,
Got short adding size, risking above VWAP $368, expecting the break of LOD=$366 and a move to yesterday's close=$364.
Covered small at the retest of LOD=$366. Trade looking good with AAPL forming a desc. triangle in-front of LOD.
Added more for the break-down of LOD, didn't work so I trimmed those two adds quickly.
(-) At this point, once LOD held and AAPL broke the desc. resist. line, I should have taken more profits from core position as well, and sat tight with stop above VWAP.
I didn't cover more, I felt uncomfortable holding the position up to VWAP, so I stopped out once it reclaimed yesterday's high for a b/e trade.
(-) I know that the proper technical stop of that trade was a breach of VWAP. I should have left size on with stop above the m. average.
Anyway. Watched failing to get a close above VWAP and rolling back lower.
Got short filler size, risking above VWAP, expecting a retest of LOD=$366 at a minimum.
Added more size when rejected yesterday's high=$367.3 to the penny and rolled over.
Trade was working beautifully. Tape was weak, market started selling-off.
Added more for the break-down...but put a higher low and looked ready to reverse so I quickly bailed....
Next thing you know it was at $364....
(-) Well, respecting the proper technical stop is one thing. Being able to hold up to the stop is another thing.
Execution detail:
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes
just a few seconds to sign up, and it's free!