Notes on the trade: Someone on Twitter brought this stock to my attention and I saw how it was slowly making higher highs and higher lows (uptrend). So I began to watch it carefully but saw that $7 was a difficult spot to break so I placed an order at $7.15 to give it space. “The more an area of resistance is touched, the stronger the possibility of a breakout.”
The stock showed strength in all of the time frames, however, the stock was moving fast so I did not want to risk a big loss so I decided to take a small position and ride the momentum once in the trade, and basically that's what I did. Once the trade began to work and the weakness came in I put a stop at $7.70 and got out with a profit.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-06-03 13:46:37 | GNUS | buy | $7.150 | long |
2020-06-03 14:09:40 | GNUS | sell | $7.700 | long |
2020-06-03 14:09:40 | GNUS | sell | $7.700 | 0 |
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Nice 7.69% trade