Conclusion: With Parabolic stocks, wait for a full 1 minute red candle as a pullback for an entry, ideally, a pullback to resistance, like an EMA or VWAP.
Got scared from a 1 min pullback, and exited for a small win. The first 1 min candle after my exit bounced off the 9 EMA, and popped from $14 to $19 in 5 minutes.
In this case, I would've been better if I had waited for the price to pullback to the 9 EMA for an entry.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-07-20 09:55:52 | IMRN | buy | $13.870 | long |
2020-07-20 10:01:48 | IMRN | sell | $13.910 | 0 |
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