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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.
Entry was based on support level. Rumors of merger. Watched TSX run on Monday, due to talks and video of CEO on BNN. Sold on open, as major gapper and $SPY was tanking.
Higher high, help VWAP. Gapper based on $SPY jump. What wasn't there to like. Risk reward was good and based on VWAP holding through the day.
Target price was support at 3.92. Entered short position as $SPY was showing weakness and stock was consolidating a lot the day prior, with lower high. Waited for lower low on open, to stay in trade. Took it and didn't stay long enough. I really wasn't expecting this one to fall apart so much! Could be going lower before earnings, so it'll squeeze shorts and take them out.
Entry was based on second support level at 11.65. Put another entry below support, in case it dipped. Was totally not expecting the stock to break down so much beyond support. Exit was based on failed rebound at 11.45. I would have pulled out faster, but wasn't able to due to work. This stock could run significantly during morning open due to double bottom, so will watch.
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