BJ Trade on Aug 21, 2020 09:39 from mrideout: Tradervue User Stock Trades.

I traded BJ the previous day, which was a doji day. It closed above the 9 EMA on the daily chart, but failed to close above resistance at 44.50.

Premarket highs were at that level and the stock opened higher at 44.75. I waited the initial 5 min to determine directionality. There were two candles that dropped below VWAP but were bought up and closed above. I attribute the initial price range in the first ~15 min due to resistance at 45.00 along with a wide bid/ask spread, which contributed to some strange and sporadic price movement. For instance, usually with good volume and a tight spread, the stock will tick up or down with some consistency in the frequency of price changes. With BJ, it would hold at a certain price level with no change in the bid or ask, but with many orders being executed in the mid. If a big order was executed, the price would jump instantly, or fall. This made reading the price action initially quite difficult.

Higher highs set in and the trend moved up. I exited my position once I saw momentum stall and the price become extended from the 5 min 9 EMA. RSI was also getting hot at 84.