Trade Journal: Long $ZM - Inside Day Setup - 3/27/2020
ZM has been gaining a lot of attention lately due to COVID-19 and the rising demand for online conferencing programs. ZM had recently broke out but has been relaxing for the last 3 days after reaching a high of 164. The last 2 days, ZM formed inside candlesticks on the daily chart indicating that a breakout may be imminent.
Following yesterday's post on ZM, the inside day candlestick trade triggered today at 147. I was not able to catch the initial breakout, however I did catch some shares during the late morning retracement at $150 and put my stop loss at today's low.
Entry - 150.76
Stop loss - 145
Target - 175
Following yesterday's post on ZM, the inside day candlestick trade triggered today at 147. I was not able to catch the initial breakout, however I did catch some shares during the late morning retracement at $150 and put my stop loss at today's low.
Entry - 150.76
Stop loss - 145
Target - 175
Commento:
Despite the nice gap up today, ZM looks like it cannot hold it's gains after trending down the entire day. I moved my stop loss to 147.35, below the previous higher low on the 30m timeframe.
Trade chiuso: stop raggiunto:
Stopped out at 147.30. Looks like ZM double topped at 160 and continues to act inversely to the market. If weakness continues, I see a nice short opportunity at around 140 if we get a lower high.