WKHS Trade on Sep 28, 2020 09:32 from WuManChu: Tradervue User Stock Trades.

Idea, Entry, and Risk:

*Idea: FF vs previous highs, after morning emotion
*Entry: near key level at 26.20s
*Risk: 1:3, vs HODs

Catalyst and News:

None, fails continued from P/M highs at 26.70.

Fundamentals:

N/A

Technicals:

Repeated fails at one minute level before market open, crack through 26.20s key level,

Summation:

Saw P/M crack of key level and watched the first candle of the morning with a 70 cent range blow right down through it. Waited for a pop and sized in just under the key level and watched it work. Still couldn't get myself to size up, but that's fine for now given my current restrictions.

Held patiently until after it cracked the 25.60s level and wanted to see more, but began to observe the consolidation after the plummet to the 25s. Got a bit too patient, thinking I was seeing heaviness vs the 25.40s, and didn't take off until after it filed a bit back down to that level again, and then took off the rest after a later consolidation. First exit was okay, second not so great. Still green though, working forward.

Takeaways:

-See? It's not that bad to take a trade in the first ten minutes of the day, as long as you have a plan, have observed the setup, and remain cautious. It also felt substantially less stressful to have it work accordingly, even if the exit was questionable.

-Always remember the range you're in. a $1.20 move is substantial, even on a $26 stock. Take some after moves like that. Yes, wait for a pullback to take some off, but be smart about missing the forest for the trees.

-A stock never "has" to move in one direction, nor is it "impossible" for it to continue. Remember this. A $3.50 swing the other way is not unheard of, and proper trading rules will keep you alive in this market, even if small sized. Continue to make small gains.