SAVA Trade on Sep 18, 2020 09:49 from WuManChu: Tradervue User Stock Trades.

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WuManChu

 

Idea, Entry, and Risk:

*Idea: FF vs previous high
*Entry: Starter vs HOD, Scale up vs prior highs
*Risk: 1:3

Catalyst and News:

Reportedly increased insider buying on known former runner. Expecting blowoffs.

Fundamentals:

Not great. No listed results on Finviz besides Book value, EPS, and income (in the red) but no sales.

Technicals:

Low float (but 13 short float), known former runner. Expected the flush today.

Summation:

Took a single share entry at the 9.60s expecting a breakdown as a bit of an experiment, but more strength to the upside killed that idea. My entry kept me focused on the stock for most of the morning and I watched the moves upwards occur. Had several lines drawn at key levels: 8.80s, 9.30s, and later, the 9.80s and 10.20s.

The main issue was missing the move illustrated here. I had noted the channel and was waiting for the breakdown, but still couldn't get myself to add and scale up here, when it was ready to fail vs the 10s.

image

So, I made the error expecting it to snap back at any moment despite continued fails towards the 9.40s, and just sat on my hands. After it retested the 9.60s, I actually scaled up, expecting further fails downwards.

The issue is that when that didn't occur, I scaled up further around the 9.80s and then even higher again before I set stops and left for work. I kept adjusting expected entry points and should have simply waited for the HOD retest again.

Takeaways:

-Stubbornness returns. Don't scale up until you've clearly proven that you can handle smaller size. At least a month or two of consistency.

-A ticker never has to do what you think it will. It can always go another way. Never forget your edge and don't get full of yourself.

-Don't scale into a loser unless you've confirmed that you're (still) in the backside of the move. You haven't learned how to short the frontside of a move and it's gonna get you run over if you keep trying without getting a grip on it.


Execution detail:

Date/time Symbol Side Price Position
2020-09-18 09:49:17 SAVA sell $9.100 short
2020-09-18 11:30:51 SAVA sell $9.600 short
2020-09-18 11:49:53 SAVA sell $9.780 short
2020-09-18 12:10:09 SAVA sell $9.860 short
2020-09-18 12:15:17 SAVA buy $10.100 0


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