06.04.20 $AAL, $SAVE, $TVIX, & $WYNN

Really happy with the day today. Took a loss right out of the gate on Wynn Resorts but locked in some really nice P&L on Spirit Airlines after that by having a short memory, then added to the day with some TVIX.

Wynn Resorts gapped up this morning and I was looking for it to test yesterday's high then get some continuation up to the $105 area. I expected the $100 level to suck this thing right through it after yesterday's performance. Yesterday's high wasn't enough support though and I ended up stopping out for a full size loss. I did get one piece off but that was only because I was in with too much size (bad math) and I was bringing my position down to max risk.

Spirit Airlines was a similar move from the Wynn trade but I was looking for it to fade into major resistance at $18.65. It came down and touched that level and volume poured in like crazy. I through my order out at $19 and feel like I got lucky getting it. It was a pretty tough trade for me to sit through mentally too. There were two pull backs before I finally took my first profit. We came right up into my second take profit and I thought for sure we'd cruse right up to my third. The $SPY took a beating not long after my second take profit and I moved my stop up to under the initial morning high to protect my trade. When I entered initially, I was prepared to swing the trade if needed but it just wasn't in the cards today. During lunch I took a stab at a VWAP bounce since the $SPY calmed down a bit but that was a dumb move. Tiny loss but I shouldn't have been in a lunch time trade anyway.

I'm a dope for getting out of this trade. I got long on the pull back into the trade line and didn't like the volume that came in over a 5 minute period, so I bailed. Talk about narrow minded. This thing sailed right through my final target from my plan. Oh well?

The $SPY started tanking in the afternoon session and I thought for sure we'd sink right down to the $308 area and fill the gap from a few days back. I hopped in $TVIX and shook out initially thinking my read was wrong. A few minutes past and I saw my read was correct and when the $SPY pushed through yesterday's low I waited for the pull back and hopped in $TVIX long. I got my first two pieces out perfectly but sold my last piece off when the $SPY pushed back up. Sweet trade and way to end the day.