GRWG Trade on Aug 20, 2020 10:35 from WuManChu: Tradervue User Stock Trades.

Idea, Entry, and Risk:

*Idea: Rally vs lows and continued momentum from prior days
*Entry: 19.70s after surge up from 18.90s-19.40s channel (intended 19.20s but missed)
*Risk: 1/3, vs LOD (at full size w/original entry)

Catalyst and News:

Carryover momentum from positive earnings and donated growing systems news from last week.

Fundamentals:

Good sales, hkhigh forward P/E but good earnings. Small but significant short float.

Technicals:

High riser yesterday (6 dollars up), Downtrend P/M but basing and grinding vs 18.80s LODs and weakened volume, which suggested a combination of dip buyers here and there and occasional grinds from shorts. SSR also furthered my sentiment of it going back up.

Overall taller red volume candles during day, but higher abundance of green.

Summation:

Long side trade, expecting some level of rallying after yesterday's very strong momentum. Saw others in room hunting for short, waited for that move to occur and for trend to shift. Saw that ticker was continuously hitting higher lows after the dip into the 18.80s. Waited for the small consolidation back into the channel, saw the grind back up into the 19.40s, and missed my entry when it ran back to 20.00s.

After pullback into 19.70s, I got in long at half size, expecting continued momentum. This is where I did not confirm the continued trend. This resulted in wider risk but would eventually need to size up if it didn't continue. Averaged down when it dipped below 19.40s into the 19.10s, aimed to get a better average to get closer to the original 19.20s idea.

Was watching it patiently move up, was green at one point, then flushes brought it back down below the 19.40s but still no new highs. Further flushes after the grind up went against my idea and stopped me out at the 19.10s. My idea was correct, I was simply too late (and too early)

Takeaways:

-Never forget the big picture. While the rally sentiment didn't really happen today, the fails into the 18.80s never went back below it. Rallies up to the 21s happened twice (could have been squeezes).

-Entries entries entries. Entries are king. Part of trusting your tuition means being willing to take an entry when it's given, not after the move has been made. Yes, the stock moved back up to the point I expected it to (after it failed again), but if I had taken the entry at the original intention, it would have worked fine. I think this is the main target of what to work on now. Apparently it's not easy. Neither was any of the other shit I got good at. Give me time and I'll give you results.

-Tape reading takes time. I have yet to find a reliable guide that answers all of my tape reading questions, but like anything worth doing, it takes time.