SONM Trade on May 21, 2020 09:39 from _cup0fjoe: Tradervue User Stock Trades.

Going for the g&c reversal, made sure to buy on a dip and not chase strength. The small difference here compared to successful g&c reversals was that it spiked (2 green 2-min candles) off the open and then pulled back instead of a straight selloff at the open. Those first two 2-min green candles had a combine volume of 2.4M which indicates there must be bag holders so the chances of it spiking is almost a 50/50. I was risking LOD 1.32. I began to have conviction as it began to break over 1.40 and added on the pullback. But once it broke below 1.32, making NLOD of 1.29, that's when I decided to cut losses quickly. I a bit bothered the pattern didn't work out, but have to remember "it's not about your wins and losses, it's about your PnL."

PATTERN: 1st green day, g&c reversal

HINDSIGHT 5/26/20: looking over the chart and realizing tht I was playing a great short setup: shorting into double resistance (7M + 3M). The stock was up pm on news with vol which fit my criteria for g&c reversal trades. The only problem was that the morning action and overall big picture did not line up. The first big failed spike was an indication to go smaller and then the two resistance with volume along with the failure to hold its gains should have just frightened me to even trade this crap. Worst case scenario I miss a spike, but I believe in the long run avoiding these kind of 50-50 odd setups will help me just narrow more my focus on the ideal setups.