Saw it pm up on news of patent/tech. agreement. The float was high 25.3M and with lots of overhead resistance meaning bag holders were likely to create selling pressure at the open. For some reason the quick spike off the open convinced me to get in on this trade. I got impulsively without any real edge or plan. My risk was if the stock went against me. I was looking for a break of HOD. Nothing real interest me from the pm action so I knew I wasn't going to trade, but felt this compulsiveness to jump in on action...something inside telling me to get it on any ticker to feel the rush. Many of the trades I have done since beginning of April have made my heart rate rise quickly. I can feel like my heart is close to coming out. I need to learn to calm my emotions.
[HINDSIGHT] 5/30/20: Realized that GNPX actually formed a g&c reversal pattern, but my impulsive trade clouded my view to even see a potential long w|clear r/r. A double bottom formed along with volume which are the two things I like when it comes to getting in near LOD with a break to NHOD. Great that I lost because this loss shows just the opportunities I can miss if I take impulsive trades by chasing strength on entering a stock without a defined plan or good r/r.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-05-05 09:35:50 | GNPX | buy | $4.110 | long |
2020-05-05 09:37:58 | GNPX | sell | $3.972 | long |
2020-05-05 09:38:45 | GNPX | sell | $3.910 | 0 |
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