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SO MUCH PROFIT LEFT ON THE TABLE. shorted after it was up 100% and consolidated a day after. shorted in the double top spike of the morning squeeze of greedy shorts. got a good risk reward and the stock start dumping but it was slow at the beginning and got a good dump but then it looked like it was bottoming and was going for another spike so i covered my short, coz it was still green on the day and that is VERY risky. turns out it was a small spike fake out and dumped 30 cents a share more.
Entry comments: Stock was at an oversold level according to the RSI, at $2.65. Tried to get in at that price level, but my order kept getting rejected. maybe because I am using my paper trade account. finally, I decided to place my order as a market order to get in. I got a fill of 500 shares at a price of $2.71. $0.6 from what I wanted.
Exit comments: This stock was moving really slow. It took 3 hours just to go up .05 cents. I was expecting the stock to at least test its daily high from the opening. I forgot to look at previous support level before entering, as they acted as resistance. Overall the trade was not a good one as I chased and did not plan out the stock. Before entering the stock I at least knew that the stock was at an oversold RSI while holding at support levels. after fees I made $5.
I was playing with a tiny position and had a great/lucky return. I was obviously looking for a bigger gain but I was wrong for holding it as long as I did. In the future I will avoid illiquid stocks. Not fond of penny plays but it gives me a great chance to take SUPER small positions to try and identify potential sympathy and momentum runners.
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