Trade Journal: Long LYFT - 2/4/2020
LYFT has been setting up a nice Inverse Head & Shoulders pattern in the daily chart and had recovered from lows last year. LYFT had been lagging behind UBER and I saw an opportunity to get in full size into a potential breakout. Yesterday I went long UBER, however I held back from putting in full risk due to the market conditions. Today's action of QQQ and SPY is showing a bullish picture and the theory that I had about a short term bottom was true. What also is driving these speculative names is what I can only describe as delusion. There is a lot of delusion and greed in the market right now ( TSLA ) which is making these speculative names very spicy . I consider this trade a short term volatility trade and I plan to close most shares before LYFT's earnings report.
Entry - 49.63
Stop Loss - 48.90
Target - 56.00
Entry - 49.63
Stop Loss - 48.90
Target - 56.00
Note
Just like UBER yesterday, price consolidated right below resistance intraday which made me want to enter the trade before the breakout. I was able to risk right below this consolidation area.Trade closed: stop reached
Got stopped out of this play. Unfortunate. UBER was stopped out as well. I think the TSLA reversal pulled down all speculative plays. Again this is signs of a choppy market...
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