Day Chart: broke sideways consolidation/pennant formation on a gap up.
Buy: Missed multiple flag entries all day cuz I was looking to avoid penny stocks for a while. chatroom noticed this had a 2 tapper and heading for 3rd. I waited patiently to buy as close to 20ema as possible and used a limit buy order with intention to stop at $5.62. In one tick it hit my limit buy and blew past my stop idea (cannot enter bracket orders). Now that it was below, I had to figure if this would bounce (I was already screwed, so why sell at mkt). It did not show any signs so I just got out.
Lessons: Sizing is what killed me on this trade. again, motivation was to make money on a decent move up but instead i got the inverse.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2015-04-22 14:33:00 | GBSN | buy | $5.670 | long |
2015-04-22 14:38:00 | GBSN | sell | $5.400 | 0 |
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IMO you entered very late. $6 was the target as there was resistance on Daily and Weekly charts. Plus a $5 stock is not penny stock. There is a saying, "professional traders think about how much money they can lose on a trade and novice traders think about how much they gonna make". Just my 2 cents.