Had a move up thru $5.60 around 1:30p on high volume. News of partnership deal this morning so assumed it might test day highs again. However, it cratered back down to $5.40 a few minutes after I bought on high volume. Weird price action and not a good trade- should have waited until after 2p
Premarket gainer on good news. I bought this quick morning spike as it broke thru p/m resistance and since it was struggling to move higher I exited earlier than my 10% target. Good trade, but must take reward/risk more into account, I was down 9% for a few moments when I was holding
Entry comments: Good breakout on news of directors purchasing more shares. Will sell on gap up tomorrow- aiming for the $4.80's, likely resistance at $5, mental stop at $4.44
Exit comments: Started coming down at the open, so I exited quick. However my thesis ended up being correct in the afternoon, with the stock hitting $4.90. Very encouraging. Very nice!
Bad trade. Followed a TimAlert on this weird low volume fading price setup. Was not on my watchlist, I should not have traded. Did not like this setup. I must remind myself that Tim isn't psychic and the plays already moved after he posts his alert. Note to self: Dont trade where theres no volume and its a fading play.