Yesterday evening I was chomping at the bit to place an order at the PoLR for today. However, I did not. Earnings came out last night and were good. More growth in EPS and margins, YoY and QoQ. Even though, the acceleration of growth came down a bit.
Nevertheless, I decided not to place the order because earnings are a crap shoot which increase risk exponentially. I decided to wait and see how the market reacted to them today. Boy, was that a good decision! I would have bought at the open, then almost immediately gotten stopped out with a 1R loss. I was feeling pretty good this morning after seeing that. Not all victories end with you making money, but all do end with you making a good decision.
Anyway, I watched throughout the day and knew a 10%+ drop wasn’t justified. Sure enough, when I checked back in later, the extrapolated volume was headed for big volume and the price recovered all the way back to green.
It’s not against my rules, but I don’t typically place intraday trades. In this case, the price had pulled back a bit to below the PoLR so I placed a trade there in case it came back through it. Sure enough, it did.
Buy Details
I bought 20% of a position. I have been buying 10% lately based on market conditions, but I upped this one up a bit because it looks so good.
