Entry was based on former day close. Exit would have been $2.46, therefore risk/reward was there. Pulled out when I noticed the double top, luckily while walking to work. Was comfortable with stock, due to last two days of higher highs. Will not play, as it is showing volume weakness and a potential reversal or consolidation.
Pattern was not a stair stepper, even though there was a clear pattern reversal. It was holding VWAP, but this was not a normal pattern I'm expected to seeing. Pulled out for safety. Will have to watch stock to see if there is a reversal or it's just bagholders averaging down, causing a potential dead cat bounce.
I pulled a Tim Bohen trade, as it seems to be a reoccurring winning pattern. Mathematically, it's an inverse tangent with some minor deviations. My observation is, there is always a first pop, market open. If you get in quick, you can catch it. If it is a PnD, you might be able to make a quick buck off of this. If it's a stable stock, it'll pop three times, each pop less aggressive. After third pop, the pattern mostly levels off. If institutional folks get it, it'll spike in afternoon.