GRPN Trade on Aug 7, 2020 09:51 from WuManChu: Tradervue User Stock Trades.

Idea, Entry, and Risk:

*Idea: FF vs P/M highs.
*Entry: Feeler at 22.80s, core around 23.80s if it proved it.
*Risk: 1:3

Catalyst and News:

Up substantially on earnings yet overall down from looking left. Expected there to be bagholders around the 23-24 dollar level.

Fundamentals:

Strong earnings. Good market cap and income but a substantial insider transfer move percentage. (These are hindsight, was approaching foolishly from a purely technical standpoint).

Technicals:

Overextended chart, reaching highs from several months ago. 22.19M Float, 13$ short float which didn't seem like it'd be too problematic.

Summation:

Got in at a tiny size (1/10th position) around the 22.80 level, seeing if it would rise and fall off without much trouble. Showed strength and rose higher. Didn't add because it showed too much staying power and didn't fail any lower once it para'd past my entry.

Since my size was tiny, I was willing to let it have the breathing room to work out, but set stop at 24 and watched it blast through that. Minimal loss that was a good learning point, especially in tape reading.

Takeaways:

-Never forget the news. Doesn't matter the market. Don't forget it.
-Having a set plan with entry, and R/R is definitely something I was better at than scaling up with feeler entries, though starting with small sizes often feels safer these days.
-Never ignore short float. Never.
-GSX, a play I have been waiting for for MONTHS occurred today. Missed it. That's what I get. I've been mulling over the idea of using my PDT trades on off days instead of regularly. This may be the trigger for that.