Buy small if at resistance. Entry: High volume, good catalyst, at a pullback, and not yet too extended -> good. However, the entry is at a resistance level.
Solution: Add only a small position.
Don't exit a partial position if the bar is green and is growing (like on the first exit). If it doesn't show signs of weakness, stay in the trade.
After breaking out of the resistance, it bounces back on the new support (which was the resistance before the breakout). The chances of the breakout being real are higher because of the large volume bar, but don't enter the trade until the breakout is accomplished. The high volume long bullish bar improves the probability of the breakout so anticipate a real breakout.
One hour chart shows supply level nearby so expect some weakness at the top and stay in only if the stock is still showing signs of growth.
IMPORTANT: The daily chart is in a downtrend so don't hold overnight. This allows to determine whether the stock can be a swing or a day-trade.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-10-29 09:03:40 | SINT | buy | $1.750 | long |
2020-10-29 10:00:21 | SINT | buy | $1.730 | long |
2020-10-29 10:13:02 | SINT | sell | $1.770 | long |
2020-10-29 10:17:10 | SINT | sell | $1.780 | long |
2020-10-29 10:39:53 | SINT | sell | $1.780 | 0 |
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