04.17.20 $BA, $SPY, & $AAPL

Really nice P&L day. I took a couple losses but had a really nice win in the $SPY. The end of my day I'm not overly happy with how I traded and I need to make some adjustments to my execution during power hour.

This was a really nice setup. It pushed from read to green on a steady increase in volume and put in a new high. I was expecting to see the initial morning high hold, which it did and is where I got long. I had support of the initial morning high, VWAP, and the tradeline crossing - REALLY nice setup! Support failed and I stopped out of the trade. Failed trade but I'd trade it again, given the same setup.

This was a pretty sweet trade and a really nice read on price action based on what the volume was doing. The only thing I wish I'd have done differently is waited another couple minutes before entering my first short to get the full test of $284. I could have got a much nicer sized position had I done that. I entered my first short where I did in case there was rapid sell off, so although I wish I waited, had the rapid drop occurred, I'd have missed the trade entirely. When it pulled back in to test $284 officially I doubled my position with a really tight stop. My first two profit targets came off, no problem. We came back in to test $284 again but the volume was so light on the test I added back to a full size position. We dropped back to the low of day and I cleared 75% of the position to bring me back down to my original risk left in the trade - added to my profit nicely, and now had no additional risk on the table. A couple minutes later I felt like we were about to double bottom so I closed the rest of my position. Sure enough, we double bottomed. Really happy with how I executed on this trade.

My first trade on Apple was based on the idea that since the 50-day moving average just broke and a key support at $278.15 broke, we'd see more to the downside. When the 50-day was tested, I got short expecting it to hold. What I failed to take into consideration were two main things - I should have been expecting $278.15 to hold and it didn't; lately, Friday's have rallied into the close. None the less the trade was only 50% my normal risk so it was a small position. My subsequent trades are what I need to work on. When it dawned on me that "we rally on Fridays," I thought for sure we'd move back up to VWAP so I started scalping the move higher. What I should have done was set my risk at the 50-day and let it ride to VWAP. I need to quit with the scalping. Even though it worked in this instance and I was able to cover my loss on the short, it's not how I like to trade and how I've lost plenty of money.