I have took a trade using First Red Day Pattern. BTU was the ticker. It has 6 green days in a row. So on the 7 day, the ticker turn red. I shorted it. It was scary because Tim suggested newbie should not short the stock. But by looking at the previous stock pattern, BTU usually will have at least 3 red days in a row if the ticker turn red from an extended move. I made 220$. I also shorted the 3rd red day, I made $47. The P/L was $149, I should just took profit then, but I was greedy and thought it could break the support, but it bounce at the support level. I didn't cover fast enough. So $149 turn into only 47$.
Lesson learned: Take the meat of the move. When you see the stock bounce, cover it all. lol
Posted May 17, 21 9:55 PMbyMasterdong20
Tickers
BTU
Received 1 Karma
Nice!
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