Told myself not gonna make the same mistake again so covered all !!! Great trade!
Totally unexpected it could travel this far and given its daily chart it's hard for me to long it.
Same mistake I made on DGLY on 7/8!!!!!!! Exact same setup and mistake!!!!! When you see equivalent volume above VWAP, it's just not short!!!!!!!
But I did something right. 1)Glad I covered half when the subsequent relative volume gets greater!!!! 2) covered half anticipating vwap holds for a while before the snap.
Here is the part I was wrong: I thought it would get stuffed and made lower high before the pull but instead it made new high on bigger volume and I realized "OH SHIT" and covered 2/3 at the top and on the downwick below the big red snap then I immediately added shares back on.
It did what I wanted: $4 breakdown. But man!! at one point I was down $5k!!!!! Totally totally avoidable!!!!!This could have been a 5 figure trade but I jumped on it too early and didn't get out fast and big enough when saw danger sign!!! But fortunately turned loss into nearly $4k gain.
Was influenced by Epica's idea so afraid to ss it. My read was correct but couldn't pull the trigger b/c He said it could go to 6, 7 etc.
Great trade! Glad I could get out safe on the front side. good read!!! But given its poor fundamentals and each breakout turned out to be weak I should reshorted !!! it's hard given its massive volume and past 12pm. Rather stayed out of it. Don't want headaches!
Overall good day. Did most things correct!!
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