ST made my orders hard to be filled so I have no choice but slamming the bids. Was confidence with this setup and got out when noticed not much selling occurred. Overstaying is a stupid idea when daytrade!
Midday day spike but yet again ST got me!!
Went into the trade with specific thesis that it has to make a new low-below $2.65 but didn't happen so got out!!! good trade! Saved myself from squeeze.
Ridiculous runner and I don't know what I will do if I have BP and locates. It went far from over-extension. Technical Analysis works perfectly here!!! The volume was massive so I wouldn't be surprised to see it keep going and above $5 tomorrow. The best way to trade is to buy at strong "time & price tested base" and sell when it gets nuts when everyone wants it. It's okay to short it BUT it's important to cover not like Tim Grittani did today holding and waiting.....that's never a good idea. I would rather cry left money on the table than seeing a green trade turning into red. The KEY is never short into lull/weakness!! ONLY short into craziness and reassess the situation.
-It's hard to determine whether it's front side or the backside. It depends on the price action tomorrow. If it break above $5 then it's considered frontside and if it cracked the support then it officially entered the backside. In hindsight I should have bought it but I found it extremely difficult to do it at the time. This is the obstacle I need to overcome. Doesn't matter it went from 40 cents to $2, when the volume was massive and all the technical indicators lined up perfectly you just go ahead to take the position with proper stop loss point!!! Technical analysis works perfectly here!!! Meaning that Placing stop at previous low is a sound decision. From the long side you gotta think about it: when there is strong buying force behind it whether it's momo buying or shorts covering, the previous low shouldn't be touched!!!! If it 's touched something is wrong and you gotta get out!!! Stop loss order work perfectly when taking long position!!! Long position is half casino trade because you are buying in anticipation that others will start buying/volume start increasing!!! No volume, no long!!
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