CCL Trade on Jun 22, 2020 09:47 from mrideout: Tradervue User Stock Trades.

Daily:
Price level at 20.04.

Since June 15, price has not been able to close above. Stock in downtrend.

50 EMA at 18.00, possibly resistance if stock opens below.

Intraday:

Premarket sold off on light volume to below prior day after hours close. Price below daily 50 ema.

This trade was a chase and a revenge trade. I had just taken a loss on my initial attempt at an ORBD and stopped out late. I then tried to flip my position at 17.53, which was foolish. I stubbornly held (or felt paralyzed) until it dropped back to 17.

Areas of improvement

Going long was the wrong move. Price was extended from the 9 ema already, and the 9:45am 5 min candle had a longer upper wick, indicating weakness. The following candle was a hanging man, and the next candle was a shooting star, all of which indicated strong weakness.

During this rally, volume was also dropping, further indicating weakness.

REMEMBER: When you make a bad trade, exit immediately!

By rushing this trade and acting on impulse, I missed a great opportunity to go short at the 50 ema resistance, where I could have exited at LOD.