Again very similar mistakes and situation I dug myself in. The only silver lining was I stopped out at $3.22 before rocket took off. Then trend held and it traveled further than I thought. Looking back there are lots of red flags: relative volume, each dip got held, crack and grind action. The main loss comes from cover at $4.70ish thinking it could reap again. Tough to read and trade of course. I was wrong finding the top many times. the price action looks very stuffy at $4.20 then $4.35 but it just breaks through it and settled at $4.60ish....very frustrated type of play. I guess I am not the only one got stuck.
Main takeaways:
1) shorted too early after apparent trappy action
2)when dip got held, instead of downsize I kept holding and waiting.
3) Stuffy action so I kept locating and ended up using all my BP and holding 40k shares with $4 avg. Everytime I used size I am having homerun mentality which caused me trading reckless, giving it wiggle room and refusing to stop out.
4) "crack and grind" it dipped below $4 but furiously reclaimed!!! that's HUGE red flag!!! GTFO!! Run ! don't walk!
5) attachment to pnl and even saw big red flag refuse to cut the position! I ignored the danger sign! you have to take pride eating losses otherwise you can't make it to the end!
EAT the fucking LOSS!!!!
EAT the fucking LOSS!!!!
later part of the day I traded well and made $5k back.
hard to trade as well.MOMO but stuffy at the same time!!! hard to read!
Starting tomorrow: downsize!!!!!! be aware of your action!!!
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