IBIO Trade on Jul 20, 2020 12:32 from WuManChu: Tradervue User Stock Trades.

Idea, Entry, and Risk:

*Idea: Failed Follow through vs highs of day and key level at 6.70s
*Entry: 6.70 at third test
*Risk: 1:3

Catalyst and News:

Morning re-runner. Sector play alongside NVAX, INO, IMRN, other Covid names

Fundamentals:

Hype machine and trash box. All you need to do is take a glance at income, and what they've completed.

Technicals:

Look left. History of offers and big former runs. Bagholders galore.

Summation:

Ran high P/M and early morning, into the 7s. Wasn't on my radar until alerted by chat that it was starting to break down. Watched it fail around the 6.40s vs the high of 7.25 and waited for the next test to enter.

6.70s held like a MF'er. Refused to let it break beyond it for more than a few seconds at a time, save the 12:30s breakout where it hit the 7.00s but not much past it.

Slowly broke down for a lot of the day, but ultimately grinded back up near the end, especially A/H.

Takeaways:

Don't be TOO patient. Excellent entry, yet I kept waiting for it to break down further past a reasonable point. 6.90s would have been a better point to upscale as it never came close to the stopping point, but I still got a pretty good point in.

Held the entire day and took out after it finally started to break down EOD, though not near the LODs.

I actually feel pretty good about this entry, especially considering there was another trade I just didn't get into at a point I would have liked (more on this in the journal entry).

Profits one step at a time.