Pros | Cons |
Pushing R/G |
Illiquid |
While creating my watchlist I reviewed recent runners, saw that this one had put in a bullish hammer (almost textbook) on the daily yesterday indicating a reversal is possible. As it rebounded from lows this morning it began to look like a bullish engulfing as well. I've been studying technical analysis a bit lately and wanted to bring that to bear on OTCs.
As this pushed closer to test R/G a second time and I knew there had been tweets from the company today I felt that it could go Green and move higher on the take. I took a position. When it dipped lower but held above VWAP I added.
As this hovered just under the green line I had some serious misgivings about my trade. I decided to stay patient with it and see what it could do (I knew I was already out $20 on fees so might as well let it play out). It began to climb, dipped to near .005 (my new risk level) and then when it struggled near .0055 I took my single
In review, I am not sure I learned the right lessons on this trade. Did my study of technical analysis and the market pay off or did I force an intraday trade and get lucky?
I'm seeking correct process not profits so I'm open to feedback.
Won't let me add the chart so look at my wall for the screen cap.
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