Shared by
_cup0fjoe
up pm with volume and catalyst; tbh I saw it after markets opened so I tried to be quick making a plan; had a 424b4 so cautious by using small size (100 shares); did a nice double bottom at the $1 lvl but since it was uptrending at the open I was using the VWAP as my risk, entered at 1.39 with 1.30 being my risk ($9 was my risk); the goal was for it to break 1.60 and break to new highs; eventually it broke below and VWAP and I became undisciplined and stuck crossing just wishing it can continue its uptrend as I was mentally locked that I want to have a green trade
[HINDSIGHT]:I may have been too impatient and bought near the top of the chart; had some FOMO so did not want to miss the possible big spike since this was a low float with 3.7M and its uptrend along with catlayst was really telling me it could run; I need to remember that if I am to play the g&c reversal where 5:1, 7:1, 10:1 r/r is possible bc of a short squeeze then I need to be patient and get as much as near the LOD; entering at 1.39 means theres 30 cents of downside; had I waited for 2 green 5-min candles to form then I can have a clearer risk at 1.20 lvl we the goal being anything above 1.40
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2020-04-16 09:47:09 | PDSB | buy | $1.390 | long |
| 2020-04-16 09:53:51 | PDSB | sell | $1.230 | 0 |
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Traded the same stock but my entry was an about an hour later. After the pull back and reclaim, was hoping for a bit of a short squeeze but no real follow through. Managed to manage a small win but nothing exiting.
Think there was a bit of a squeeze but it kept breaking prematurely, should have walked away.
Oh well on to the next one.