I entered w/o a proper plan. My risk was @ 5.20. When that broke, I got out. I believed it was a panic situation here. My mistake was going too big on my initial entry here for my account and not having a proper plan because after I sold my shares, it spiked to the 6's. I made some losses and there were so much on the table. The good point that I got here is that I cut my losses. The bad part is that I sized too big for my account.
I re-enter the trade for a break of new high. I left a lot on the table. It went to the 5.80's then hit 5.90. I sold my position because I saw that the bid were fading on level 2. I tried selling on the ask when it was 5.8-5.76 but weren't filled. I tried the ask again and finally it filled. The stock price dropped to 5.40's then it ripped to 6's in 1 candle. It went to 7's then 7.79 HOD. If it broke 8, then the sky is the limit. Later, it halted going down @ 6.59 then bounce to 7.34, halt 6.20.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-06-03 08:39:19 | GNUS | buy | $5.270 | long |
2020-06-03 08:39:19 | GNUS | buy | $5.270 | long |
2020-06-03 08:39:46 | GNUS | sell | $5.160 | 0 |
2020-06-03 08:47:45 | GNUS | buy | $5.590 | long |
2020-06-03 08:51:29 | GNUS | sell | $5.710 | long |
2020-06-03 08:51:29 | GNUS | sell | $5.710 | 0 |
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A lot of people took this trade today. I try to focus on the chart patterns and support and resistance mainly. Level 2 will only confuse me for now. To many fake outs on level 2. Support and Resistance and knowing where you are wrong in a trade is very valuable. i missed out on the late day run. But I did get to eat a little bit in the morning. let me know how things turn out!