-bought it before the market closed yesterday and looking for a gap up but didn't get it.
-being undisciplined and refused to take it off breakeven/taking loss and hoping it will run.
-in yesterday with avg $2.80 and out today @ $2.70, bad trade.
-ended up breakeven but good trade. It didn't do what I wanted so cut my position and move on!
-keep it simple, traded on reaction NOT anticipation
-Was busy fighting with PIRS and overlooked such ridiculous spiker.
-Shorted it immediately after I saw afraid of missing out. With bad average I covered without hesitation. good trade
-Another profitable trade but I chased it a little bit.
-It's got tons of resistance up there but volume recapitulation got me scared to short because frankly I didn't know how high it could go.
-then all of sudden a huge seller order put every breakout buyers in red zone but again I remember what happened yesterday so I was scared to short even though $3.70 acted as solid and strong resistance. It was afraid this is a trap so I couldn't pull the trigger.
-Then It started round 2 massive selloff and it went from $3.70 to $3.20 which breakdown the morning support and hanging around there and I started to think everyone who bought it were in red and it was getting to the market close and they will very likely panic. So I shorted it @ $3.26 risking $3.30 over/under. Got what I wanted and got out. Good trade, good analysis.
BIG TAKEAWAY:
-I remember what Nate said, "You never know what you would do until faced with real situation." I was actually thinking to buy it when $4 held but my manager was behind me so I didn't. Thinking back why the hell I would buy it when it attempted to breakout in midday. 90% of times premature breakout failed statistically. It also display the signs of weakness which objectively I should better know the top is not far. On hindsight yes I should have shorted it b/c 1) it was midday premature breakout with tons of resistance and 2)the weakness are seen. please please learn the lesson! Remember when the stock takes off, it's never a LONG!!! shorting is a reactive approach and allows me to remain consistent.
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