ASLN Trade on Nov 29, 2019 09:34 from Chigozie: Tradervue User Stock Trades.

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Chigozie

 

Why did I want to take the trade?

Was squeezing up at the open, had a powerful open of successive green candles. Lots of momentum.

What did I see?

Was breaking whole and half dollar resistances, but was whippy while doing it.

What was the downside potential?

Momentum would end and ASLN would flush down.

What was the upside potential?

Continuous momentum to $6.00.

How did I manage the trade?

Very poorly. My first trade I got out at $4.31, not respecting my 10 cent stop. My second trade I got out because it failed to break and hold above 4.50. That wasnt too bad, but I didnt get back in on the retest of 4.50. My third and final trade was awful. I got in at 4.96 and even held as it dipped toward 4.90, and was in for the break of 5. I tried to get out half on the ask at 5.50 but didnt get filled, saw it flush down towards 5, and stopped myself out. Come to think of it, I might do this again just because it had all the signs of a false breakout.

My options to remedy this are: If I get out, I should always be looking for a retest to get back in. I need to focus more on the chart and not much the Level 2.

OR

I need to start trading with much bigger share size. This is hard though because I will end up taking more risk. So I just need to learn to hold onto my winners. If it cant move a dollar in these squeezes, then I might as well just take the small loss.

What was I feeling at the time?

Frustrated that I sold too early and was too timid to get back in. I always expect to be in false breakouts or not get filled, so I struggle with these. I am determined to get better. Was also frustrated with the breakouts not working right away. They would breakout but then dip a bit and hover there before really resolving.

What did I do wrong?

Didn't hold my winners, didn't get out with half and hold the rest. Got faked out on Level 2. I shouldn't have tried to bail for profit as the stock was dropping. When this happens I lock in way less than just waiting for a retest and pop.

What did I do right?

Managed my risk well on the second trade.

How can I improve in the future?

I really need to hold my winners longer and quit getting faked out on the Level II. I saw the stock hit $5.50 and slam back down towards $5.00 so I jumped all out. It was just retesting $5.00. The entire month of December is dedicated to me holding my winners. I should much rather take a $20-$30 loss than cut the winner too soon because I'm afraid the stock will flush.


Execution detail:

Date/time Symbol Side Price Position
2019-11-29 09:34:43 ASLN buy $4.400 long
2019-11-29 09:34:49 ASLN sell $4.310 0
2019-11-29 09:35:22 ASLN buy $4.500 long
2019-11-29 09:35:28 ASLN sell $4.490 0
2019-11-29 09:37:25 ASLN buy $4.960 long
2019-11-29 09:37:46 ASLN sell $5.090 0


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