Booger booger lalala
okay. it's late. i've been up all day.
brief review of two very good trades.
well... one very good and one half way decent.
$SHLO
It was a dip and rip attempt that failed. I got a good entry, though, on higher lows and when I realized it was failing, i left with no harm done.
BUT I SHOULDN'T HAVE TAKEN THAT TRADE.
I think a dip and rip is a great continuation move on a breakout chart that is not at the bottom of its daily chart. Middle maybe. breaking out of a channel, sure. But the second green day on a beaten down stock is not the time to take a trade.
Look at the daily. Crow pattern.
So, wait to go getting out when I saw the writing on the wall, but bad timing in the long term.
Actually, the reason that I took so long to take the trade, despite seeing the higher lows and aside from the market pulling back so hard is precisely because it was the second green day on a beaten down stock. It had no room.
GAXY on the other hand was a first green day.
It was a multiday runner, recently fallen. I don't honestly remember what it was that turned this thing around. I don't honestly remember my name right now. Hard to keep my eyes open.
But I don't do a trade that I won't review.
With GAXY I was looking for the abcd pattern. It broke intraday resistance, was above VWAP and the 50 sma. All good signs. The two problems were that it was kind of beaten down as well, having just come off its run, and it was intraday with the market crashing. But while it was running, it was pretty hot and I thought it would still be on a lot of people's radar. Plus it had put in work that morning and was holding its highs. Even at the day's end, it was still a potential buy.
I got in, it ran up but not as far as I wanted, I realized it was not going to breakout or push and I got out. Listenin' to them signals. ahhh yeah
And finally here's an intraday from PLM on 09-04-20, so if you're ever thinking about playing it you can have an idea of how it behaves. Add it to your collection. Thanks for coming to my Ted talk.
I sleep now. or watch more Trading Tickers.
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