ILU
-Trade: Afternoon lunch found on twitter some other trader posted trade on ILU, checked the price was 5.26 , dropped 47% percent
-Catalyst: ILU oversold , potential bound back; DDR demerger spin off, and the value calculated give ILU at least low 6 to high 5.
Setup: B. Oversold . Trading near intraday low
Technical: Aud 10 prev high.
What did I do: I have no background on the 48% drop, I was hopping for an afternoon bound back
Brought on 5.26, not queing for lower price. I was afraid it will start climbing higher. after I brought , the price keep going lower. My mistake is not queing for lower price. Holding into weekend. Hoping Monday will bound back if dow jones close green on friday.
Better?
Should queue lower price
Verdict:
26/10/2020 - Retail stock slump, dow jones future red; Sold at 5.32 close position on small profit to cover cost
CCX
-Trade: Afternoon lunch found on CCX price on new low 2.83,
-Catalyst: CCX oversold, CCX US acquisition rejected. potential bound back
Setup: B. Oversold . Trading near intraday low,
Technical: Aud 3.6 prev high on Aug.
What did I do: I have no background on the 48% drop, I am having previous 2 trade on CCX earning on before closing bounce, I was hoping for the same pattern
Better?
Looking back I will still buy it, the value is there, potential bounce, the risk is if dow jone red on friday. the following week will trending down.
Update on 26/10/2020
Monday unpredicted Retail stock slump, dropped 6% ; still holding waiting for breakeven
Verdict closed on 28/10/2020 , it up 7% , consider lucky to cut loss with 24 aud
I have read the playbook by mike bellafiore. I decided to start putting up my trading journal to hold myself accountable. I hope by documenting this will bring more improvement on my future trading.
