After taking volume into consideration my hitting rate increase dramatically!!! these are the charts I used to get myself trouble into but I survived from them today!
Morning push and failed and it looks to me 50/50 so I shorted into strength as always anticipating volume fade and so does price but the volume send me danger signal. According to my plan the volume shouldn't be like like!!!! The abnormal action got me alerted so exited.
Perfect life-saving exit because it breakout HOD but it looked very weak above there. It could be fake out breakout so I shorted it but again it just doesn't feel right! volume is big and each dip gets bought. clearly higher lows action there approaching HOD so I exited!! so dice flipping!! Then it just took off!!! Losses on both but great trades!!
To me MGT is like AVXL so I don't really wanna touch it because they seem to have 9 lives and always surprise people. Today is no difference. After peaked out the pullback was quite weak and that's danger sign #1. But screw it I drew trend line and shorted it anticipating further lows coming but again just like CTRV that abnormal volume higher than previous caught me so I exited my position which turned out to be the best thing I did!!!
However there is only 1 mistake I made was after seeing weak breakout I shorted 4k shares into it without confirming the High and it held there so I covered-took loss. That was impulsive trade!! I didn't think clearly and it was FOMO trade. Then when it was reaching $1.80 it started getting interesting. it was weak as contrarary it should be strong so I thought $1.80 over/under should be ideal POS but I am not quite sure so I shorted 4k. I located 8k shares but lack of confidence. Turned out I was right!!! I covered still not sure about it. MGT is kind of play that I tried to avoid no matter what kind of setup is there, no matter what I see, I always had a feeling it could do crazy shit.
I didn't regret my cover but after big pullback the peak was pretty clear so I know it's good to short pop now! I caught the first pop near VWAP. Didn't wanna over stay b/c it was still held above previous low point. Took the next 2 hours off then came back and took a nap and woke up when I saw it was still holding. That was great, profit taking haven't started yet and that action must exhausted shorts out so I shorted 4k risking $2.60 over/under and added 4k downward anticipating $.40 wash before the closing. It did what I thought but not exactly in my head. I clearly had too much irrational expectation from it. I thought It would crack support and close somewhere at .30ish, .20ish. Covered all at 3:59pm. Great trades overall. Proud of it.
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