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Was looking for a bigger bounce back to $7.00, but it hit a wall at $6.4. I used the VWAP at around $6.00 as my stop. When it could break and was trending down I cut my loss at $6.10. Less than 2 minutes later it tanked down to $5.35 and is still falling. If it doesn't consolodate soon then this could be back at $4.00 by EOD. Always have a plan!
Small loss. My trades are getting better though even with this loss. I had a plan, but it was a crappy plan without a mental stoploss which should be the FIRST part to any plan. Always determine how much you can lose and how much you are willing to lose. Luckily I did cut my losses on this swing even though it had a catalyst, because the price action never picked up and I if I was still holding today on 12/1, I would be down 20% instead of 6%.
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