SAVE Trade on Jun 19, 2020 09:35 from mrideout: Tradervue User Stock Trades.

Daily chart showed weakness since the 16, with each day closing below 20.50. SAVE rallied on light volume premarket to 20.75 and began selling off by 9:25am back to 20.00. I went short for the break of 20 expecting a continued sell off, but this was foolish as the price was already extended from the 9 ema on the 5 minute chart, plus the 200 ema on the 15 minute chart was at this level, acting as support.

Areas of improvement

Don't short into support: The 15 minute 200 EMA was at the level I went short at. Price was also extended from the 9 EMA on the 5 minute chart. Next time wait for a consolidation pattern near support (e.g. descending triangle, bear flag etc) before entering.

When you take a bad trade and realize it, exit immediately. DON'T WAIT.

Save created an ascending wedge from 9:45am until 11:55am. A better entry would have been an entry of the break of the support line of the wedge. This also would have coincided with the 15 min 9 EMA crossing over the 200 EMA (death cross).

Price Targets:

Previous day close was 18.75
June 16 low @ 18.60
Price extension from 9 EMA or any reversal signals.