--Choppiness to be continued as morning push past $5 and momentum stopped from there. This thing is hard to trade b/c lvl2 and t&s always misleads you and messed with you. When you see big ask on lvl2 doesn't mean it will hold! It happened yesterday on $4.05 level. The only way to trade this liquid and choppy thing is using above-big and valid ask price level as entry point or just pass it. Say for example you see big seller today on $4.60 after morning rush, in a perfect world traders would put orders in $4.59, $4.58 risking $4.60 over/under. But remember one thing, this one got lots of absurd and irrational players and things involved, it could be manipulators, HFT, Algorithmic traders ETC. This thing was trading 30 millions shares yesterday and on top of percentage gains board, it got the whole world's attention therefore you know trading it was taking to a whole another level. There will be lots of surprises and mirage in it. BUT the only way to protect you is your entry!!!! Focus on entry and everything else will be easy. Put your entry a little above the valid resistance!!! so even if it goes against you, you can still walk away it without incurring much of damage. Had I traded it I would most like shorted it at $4.60 and got emotional when it went to $4.80 and if I cut my position I would eat my loss but if I let it keep grinding my discipline is off and I could make money at the end but this trade is a bad trade and this holding and hoping kind of mentality and habit will come after you again one day, sooner or later. So expect the surprise!!! Don't buy into what it says on the lvl2. Remember those are mirage. It's either your entry/trade or NO trade. It's so much better missing it than being early like Michail said. VWAP doesn't work on this one but it's still a good guide and can be looked at from others' perspectives. Anticipate people would put sell orders near the VWAP. Anticipate the VWAP would cross above it and created excitement which you can take advantage. Have a thesis/plan and execute. it. Remember it has to be your trade or no trade! It needs to hit certain irrational/unexpected level for me to initiate short!
-Cody played this one very well I have to say. But one thing I would never do is long it due to tons of resistance overhead. The best entry point is above the VWAP and big volume surge propelled spike! it turns out anywhere near high $4.00s is a good entry. The good about his trade was he reshorted at $4.60's when VWAP stopped to hold. Well played!!!
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