SAVA has been a solid runner over the past few days and today it showed high volume then pulled back really hard and I thought it was done. It then bounced back over WVAP and I started to look and add my entries. I made the mistake of adding to mush size and even took another trade when I though I got faked out below VWAP. I recognized quickly on my second trade that I was revenge trading so I cut that trade immediately.
Los was double my initial risk and for me a key take away looking back on this review is the fact that there was a ton of overhead resistance in from the morning spike creating the morning high. I don't see the R/R being good when the setup is like this for next time I see it happen.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-12-30 11:54:17 | SAVA | buy | $6.530 | long |
2019-12-30 12:39:40 | SAVA | sell | $6.250 | 0 |
2019-12-30 13:20:39 | SAVA | buy | $6.539 | long |
2019-12-30 13:55:06 | SAVA | buy | $6.400 | long |
2019-12-30 14:02:24 | SAVA | sell | $6.427 | 0 |
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