Tested out my new settings on the screener. Got some hits at the open of the market. Decided to only focus on the tickers that had some news or a catalyst. And also trying out Tim Sykes sliding scale (SSS), while planning the trade using risk management strategy (RMS) from 'The complete Penny Stock course' book. Doing this definitely forces you to slow down and not chase the stock.
Didn't do an SSS on pre-market, but on the open market scored an 86, even with a low catalyst and market environment score. Need to keep doing SSS to hone my estimations.
Reviewing the 1 year / 1 day chart it has been moving up for 3 days. And there is one news article, but nothing significant just an indication that the stock has moved up 10%+ over the last few days. So, not an ideal stock, but trying out the screener, SSS and RMS today.
Based on the entry it was a little too late, should have entered around $2.60 or at least in the $2.70s. But was looking for another breakout for confirmation before trading. So, entered as planned and set mental stop loss at $2.68. Price seems to breakout and move in my favor, but overall it has already moved almost $1 on the day.
Started to fade and aggressively move towards my mental stop loss, so decided to cut losses quickly. Following the techniques really made for a stress free trade.
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