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A near perfect read without the proper stop-loss execution. On the five minute chart watched for a higher-high and bought as soon as one emerged at $31.57. Set the stop at $31.46 the bottom of the previous candle. As the candles began making higher-lows I began moving my stop-loss to the bottom of each one. I got stopped out with a random dip to $31.55. Moving forward I will move my stop-loss only into profitable territory to allow the pattern to fully play out.
Missed my ideal entry point on the early pull to 2.25. However on the second step up I decided to pull the trigger due to volume and the squeeze action. Got freaked out when I saw I had filled two orders 3k ea. Let my emotions get to me and stopped out for a minimal gain as this soared to 2.66 20sec later.
Was on my watchlist, Marc Crooke talked about it in Thursdays webinar as well. I had a plan and entered trade a little late and exited a little late due to my inexperience, but it was such an invaluable lesson. I was looking for 25-50 cents and risking 10 cents but did not mind 15 cents but no more then that. Got 24 cents, lost out on some due to late entry by like 5-7 cents and got out like 3-5 cents late. caught a 10.5% move out of a 14.3 % move so i'll take that all day.
Dipped and sold off down to key support of 7.90. Got in at 8.09, 500 shares, risking off of 7.90 ($100 loss / 2%). Plan was for it to move back up on volume and break 8.22 and test opening price at 8.85. It then moved up but couldnt break VWAP (8.22). It tested it a few times. I sensed it was having a hard time breaking through that wall and sold while a little ahead.
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