@TheOneLanceB A lot will depend on individual strategy. IMO this is a very fast paced trade, since I would have to give it a tight stop. Entry Around 7.4 risking $7.25. The name rejected earlier and D3 so I would size down, but the RVOL/tightening consolidation below $7.40. Worth the risk
@TheOneLanceB Cons
- D3 Breakout (IMO) Lower probability of breakouts working
- Failed Breakout similar to the candle printed at 6:50 (5min chart)
I would say worth taking.
@TheOneLanceB Pros
- Elevated RVOL on the day visually since the open has done higher relative volume than previous day.
- 5 minute breakout candle did 1.2M vs previous day same time 200k
- Tightening consolidation below $7.40
- Reading the tape would be a big reason for my entry as well.
Broke my 5 week streak of ending the day red on a Wednesday. Lots of contributing factors for that streak, but it is broken and a day that I am weary of in the short term future.
@TheOneLanceB I would say D is a close second because the price gave beautiful asymmetric risk on a high RVOL day, but the consolidation was only 30 min long. Yea, maybe D then C. The asymmetric risk and beautiful consolidation is too picture perfect.
@TheOneLanceB For me, I would say C then close second is D.
C has the best price and earlier time of day.
9:30-9:31 bo fail on heavy vol would have got shorts interested and scared longs, but the retake on strong price action completely squeezes shorts and entices longs + key level break at $4
Went Back to the well Closed for flat.
Positioned myself better, but in a more compromising position.
Proud of how I handled the trade and trying to build on my day in a strong name. I am currently using a Momo strategy so this was a good exit for me. Name could finish strong.
Underperformed on the trade. Needed to double to 10 shares off the open. Only risked $15 to make $66.
Bad habit of anticipating. Showed itself here.
~4:1 RR
#NFLX#SmallAccount#Momentum