FLDM Trade on Aug 26, 2020 11:21 from WuManChu: Tradervue User Stock Trades.

Idea, Entry, and Risk:

*Idea: FF vs HOD and post-newsletter play.
*Entry: 12.20 (intended), 10.90 (on incoming newsletter after heavy action on day)
*Risk: 1:3 (vs HOD at 12.40 : 11.60, likely would have taken off some and let rest work)

Catalyst and News:

Emergency FDA approval on saliva test. Combined with Citron Research's Newsletter.

Fundamentals:

Slightly better than expected earnings, small Book value and overall not the worst.

Technicals:

Big morning breakout P/M. Bagholders galore at the mid 12s range from beforehand. Stock on steady grind up over last several days.

Moderately small float (71M) and small but important short float (4%)

Summation:

Great play, marred by a truly ignorant take on Citron's newsletter.

Watched a triple top in the morning while I decided it was a good time to use the bathroom. Came back and saw the major flush from the 12s into the 11.60s. Considered trying to get in but refused to chase. Watched it meander around the 11.60-11.20 channel and waited for a better entry, didn't have the guts to pull any triggers at any point. Easily could have faded off gently for the rest of the day until...

On Citron's newsletter, incredulously made the decision to short after the swipe back up into the 11s thinking it wouldn't carry any weight. Went in at half size since I now think my target and size is too large. Watched it steadily squeeze up and finally got out at 11.60. Took 7/8R loss.

Takeaways:

-If you're not prepared on the market open, don't even bother. Get breakfast, exercise, meditation, naps, and bathroom use out of the way before the morning bell. You want in, you'd better be ready.

-DON'T overlook any market events. Unsure about what they mean? Don't play. Get out or stay out of any trades where there are questions on the table.

-Even your patience has limits. You feel that you've been patient since the open? Try being patient for the entire day. Again: never feel obligated to be in. Cash/Flat is a position.

-Make sure you keep your size and targets in check. Don't shoot too high. Though your current platform cannot hide PnL, you can still focus entirely on just the trade itself.