03.25.20 $SBUX & $FB

Not the greatest trade in the history of trading, my $SBUX short today. It was actually a bad trade and I shouldn't have taken it. Not because it was a losing trade but because the setup was weak. Maybe I could have taken it but with a tier 1 position size (25% of my desired size). I was watching it grind against VWAP and thought it would roll over and get back down to the low of day. That didn't happen and I got stopped out on it. In hindsight, I either shouldn't have been in the trade at all or been in with smaller size.

My short in $FB was money! It felt good not just to come back from the bad/failed trade in $SBUX but to knock one out of the park after taking a loss on the day. I took two shots at this short. The first was when it failed to put in a new high of day. I got short, got my first piece off, but came up a penny shy from peeling my second piece off. I noticed while I was in the trade that I was in this position too small. I was sitting here debating what to do and in all honesty, I'm not sure why but I closed the position. Not even a minute later I thought, 'why did I do that?' So, I resized myself and went back after it; I threw an order out at $161.00, got filled, and took profits off all-the-way-down! I did goof and made the mistake of taking 33% off on my first take profit instead of 25%. Because of that mistake I took another 33% off the table on my second take profit instead of 50%. By the time we got down to my final take profit I thought, 'this thing is touching VWAP, I'm sure of it.' Low and behold, it did. I didn't expect it to run below VWAP but some negative stimulus news came out and it fell right through. My last piece came off right in front of VWAP. Killer trade and pushed me to profitable on the day!