GME Trade on Aug 21, 2020 11:53 from WuManChu: Tradervue User Stock Trades.

Idea, Entry, and Risk:

*Idea: Slight chase after ABCD setup into and past the 5.00 mark
*Entry: 5.00 (sized up after back to the 5s)
*Risk: 1:3 (4.60 vs 6.80)

Catalyst and News:

Was misinformed that Earnings were today, approaching 5 retest and break today, no news otherwise.

Fundamentals:

GME has awful financials and has been known as a dumping ground for years, but recent top level restructures have shown promise.

Technicals:

Over 99% short float. Has slowly been grinding up in recent weeks and had an excellent ABCD setup today.

UPDATE: Monday 8/24 - Slow grind up P/M but big fade off in the morning.

Summation:

Got into the ticker a bit late after the ABCD broke, but I've been stalking this ticker for months. Figure that a lot of people are on the same side despite the ludicrous short float.

Squeeze was good and entry was alright, but didn't take at the heaviness shown at the 5.50s. Strongly considered taking off half, but eventually watched it collapse back down to the 5s with no profit. Watched it hold that level for the rest of the day, so I doubled my size and figured it was worth the risk to hold over the weekend. The range is small and my risk is now tighter since my size is more appropriate. However, there's a key lesson here, in the section below.

UPDATE: 8/24 - Incredibly stupid mistake. Wasted a good part of the morning trying to cover my position despite the fact that I was long :V. Guess I'm so short biased that I did something pretty dumb. Lesson learned. Didn't hit max risk but got pretty close. Screwed myself out of a day trade but I probably won't do that again.

Takeaways:

-Pay yourself along the way. Just went through a bootcamp lesson about this. Up 1R? Take some off. Don't get greedy.

-Not sized? Too bad. Don't sweat it and take what the market gives you.

-Stubbornness works both ways. You've been stubborn short, and if you want to be stubborn long, you'd better have a good reason, and not because you left money on the table.

-Steps are being taken. I will no longer be fighting trends to feel right. A long's a long, and a short's a short. Know when to be patient and when to cut and run.

-Baby steps. We'll get there.

UPDATE: 8/24 - Don't do that again :P