Weekly Market Recap – Week 23 (2020)

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Solid start into the new month, with over £270 of profit. Although it didn’t start quite that well, as I fell into a £300 hole right at the start. Consequently, I had to dig myself out of it. Always less pleasurable than starting with a nice green bolster. Anyway, the weekly profit target is achieved. Let’s get on next week.
So, let’s review the market of Week 23 in 2020 in my Weekly Market Recap.
I hope you enjoy my weekly market recap. Let me know any questions or comments in the comments section below.

Table of contents

Profit & Loss Update

Daily PnL

The first week of June didn’t start as well as I wanted it to. Straight on the 2nd day of the month, I had a big red day, costing me over £377. But in the end, I was able to dig myself back out of the hole and managed to hit my weekly profit target of £250. A nice solid green day on Friday made it possible, profiting over £272. Juicy.
My winning trades % was exceptionally high with 92%. If I hadn’t had that one big loser, I would be looking at a really solid week, but hey, let’s try that next week again.

Accumulated PnL

Profits on the week: £272.25 (Target: £250)
Profits on the month (so far): £272.25 (Target: £1000)
Winning Trades %: 92% (Target: 75%)

Trades of the Week

Below, the trades I took last week with entries, exits and position sizes.

VSTO

VSTO - Weekly Market Recap - Week 23 (2020)

Strategy: Gap Up Short
Entries:
-1 at 1119.3
-1 at 1093.5
-1 at 1072.4
-1 at 1178.2
Exits:
+1 at 1048.6, Profit: £70.70
+1 at 1061.6, Profit: £10.80
+1 at 1041.6, Profit: £51.90

Here, we had a nice gap up short opportunity. VSTO gapped up almost 10%, then shot up to almost 1200, where it found a resistance. On the way down, once breaking through the VWAP (the white dashed line), I went in with my first position.
Then added to it on the single-candle pullback which happened straight afterwards.
I added once again on the break below the first 5min green candle after the initial drop.
In the end, it didn’t quite fall as far as I expected it, so I was only able to close one of my 3 positions for a £70.70 profit and holding the other two overnight.

The next day, this went straight back to the previous resistance around 1200, where it failed again. So, I went in again, adding to my position.
Only the next day, I was able to close 2 out of my 3 positions for some nice profit. I’m still holding my last position and am currently up £54.70 on it.

COTY

COTY - Weekly Market Recap - Week 23 (2020)

Strategy: 200 EMA Reversal
Entries:
-6 at 392.0
Exits:
+6 at 459.0, Loss: -£402.00

This one was shooting up right after market open. And it looked like it would reverse at the 200 EMA (the purple line), so I entered once it fell below it after breaking above it. Unfortunately, this kept rising and rising and I eventually stopped out the next day. Huge loss!

MGI

MGI - Weekly Market Recap - Week 23 (2020)

Strategy: Gap Up Short
Entries:
-2 at 354.8
-2 at 339.0
-2 at 333.0
Exits:
+2 at 326.3, Profit: £25.36
+2 at 320.0, Profit: £26.00
+2 at 316.0, Profit: £77.60

Here we had another classic Gap Up Short. Looking at a Gap Up of over 35%, then shooting up to 380.
My first entry was straight at the first red 5min candle to make a new low, which was the 2nd 5min candle of the day.
I then added, once it got rejected at the VWAP and a 5min red candle made a new low vs the previous green candle.
I took some profits at almost the end of the day of £25.36 and kept the other two positions overnight.
The next day I added once again to my position as it became clear it, that it won’t break above the VWAP and took my profits of first £26 and later £77.60.

LIVX

LIVX - Weekly Market Recap - Week 23 (2020)

Strategy: Gap Up Short
Entries:
-2 at 379.4
-2 at 372.0
Exits:
+2 at 349.0, Profit: £60.80
+2 at 345.0, Profit: £54.00

Another Gap Up Short. This week was really delivering them, one after another. LIVX gapped up nicely, then tested the 400. Immediately failed and went lower. My first entry was on retesting the VWAP after previously breaking below it. My second on making new lows vs the first 5min green candle after the initial drop.
What can I say, this one really delivered quick results. Only 3 5min candles afterwards, I had my profits in the pocket. More like these, please!

MREO

MREO - Weekly Market Recap - Week 23 (2020)

Strategy: Halt Reversal
Entries:
-2 at 327.0
Exits:
+2 at 281.0, Profit: £92.02

This one was not a trade I do very often and it more one for the high risk category. But, I had to dig myself out of the hole, right, so I took it.
MREO gapped up, then shot up to 400 and got halted there. That happens, when a stock makes too much % gains too quickly, then the authorities halt all trading activities for a limited amount of time, typically 5 minutes, so that traders can re-consider their positions. Hence the authorities trying to calm the market down a bit.
Once it comes out of the halt, there are two scenarios that can happen. It either opens higher, which usually means, there’s another surge upwards coming. Or it opens lower, which typically means, it is about to sell off, as traders taking their profits of the table.

Here, we had the situation where it opened lower, means I went in short. Unfortunately, I got filled only really late, almost down at the VWAP. Luckily my trend prediction was correct anyhow and I was able to take my profit the next day on market open.

HTZ

HTZ - Weekly Market Recap - Week 23 (2020)

Strategy: Gap Up Short
Entries:
-7 at 309.0
Exits:
+1 at 307.0, Profit: £2.00
+6 at 275.0, Profit: £204.00

Another Gap Up Short. Nice Gap Up, then failing at the 370 level. I went in on the first red candle to make a new low vs the first green 5min candle after the initial drop. I actually miscalculated my position sizing on this, therefore I quickly reduced my sizing and took £2 profit off the table. With a more modest, yet aggressive position size, I could now ride the trade comfortably until my profit target. Solid trade to finish the week – what do you think?


I hope you enjoyed reading this Weekly Market Recap for Week 23 (2020). If you did, you can read other recaps and more content in my DSL Trading section.

If you are an equities trader out there and you are reading this, please contact me over social or drop me a comment in the comments section below, because I would love to catch-up.

If you are interested in learning how to trade equities as I do, please contact me over social or drop me a comment in the comments section below. I will then get in touch.

And as always, if you have any questions, drop me a comment in the comments section below.

Take it easy!

Dan Schenk


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