SPCE Trade on May 12, 2020 10:45 from tradelikelarry: Tradervue User Stock Trades.

Trade Planning:

• Daily Chart: Uptrend, Consolidation below recent highs.
• TTM Squeeze: Daily
• Earnings Date: Post Earnings

Reason For Entry:

• Playing daily chart. SPCE is in a pattern of consolidation below its recent highs. It is in an Ascending Triangle and TTM is in a squeeze on the daily. SPCE also has 24% short float which adds to the probability of it popping out of the Ascending Triangle. I scaled into this position in 2 executions. 1st at the 8ema and 2nd at the 21ema/lower support area. I have a full position size and watching for SPCE to continue its uptrend on the Ascending Triangle.

Reason For Exit:

• SPCE faded throughout the day as the market pulled back. The pattern was pretty much broken and I closed the trade for a loss. (loss of around 1% of portfolio).

Recap:

• The setup was not an ideal setup, which is a consolidation below recent highs. This was an Ascending Triangle Pattern that failed. I took a shot and the pattern broke and closed the trade for a loss. The loss was kept at 1% of my portfolio, which is good. Glad I position sized correctly and did NOT average down. This trade was managed correctly.