Took short but the dips got bought up(long downwick) and it was pushed right back towards HOD. Should have got out earlier but didn't. Far from great but at least I cut my position or loss would double. It's hard to trade 2 tickers at same time!!
Perfect trade!! Knew that this one was turd so plan was shorting into morning emotional pushes. From lvl2 I knew others started in early-$2.80, $2.90s, $3.00 so I thought these amateur short sellers were FOMO and would cover a little higher probably low $3's but ideally mid $3's. Missed the first move because I just didn't see any bearish sign and I didn't want to pick the top so I patiently waited for the secondary push and sized in first position at $3.08 due to weakness and selling force exit. Then it was pushed towards $3.25 where I saw big resistance at that lvl2 which further confirms my thesis but it's hard to short near that lvl2 and i reshorted $3.18 and ended up holding 3500shares with avg. $3.13 risking $3.25 over/under. Was always ready to downsize if it surpassed that lvl and holds but gladly it worked out and I refused to cover under washout. The 2nd cover was due to higher base. Good trade!
Good trade but there is still big room for improvement. Have no regret sold my position due to bearish red candle BUT I didn't size back in and that was the problem!!!!! That red candled must trick lots of longs!!!! But it was starting to gear up and I should have sized in b/c the fact it was within last hr and it got tons of shorts in it! Ended up left big money on the table. What a wasted of opportunity!
Choppy one!!!! Lots of shorts in it which cased the morning spike!!! Therefore never ever short momentum and crowded stock in weakness!!!! Tim Grittani called the stock at .50 and he was dead on!!!! You don't know how high these beasts go but always take position when risk/rewards is favorable!!!! This turd had huge downside but in the meantime it was bullish. Doubletop in this case works out!
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