Shared by
yoosh
7:16am - $FTFT - Up 41% - up on no news. The company has something to do with BlockChain, which is in a hot sector with Bitcoin running at the moment. Low float 28M and about 100M market cap. Hit a high of $2.8 and pretty much 6 topped and then has crashed. There is overhead resistance but the volume on those days were < 4Million and we have already traded 3.17M shares.
My analysis of this was great ^^^. High volume should be breaking upper resistance.
Entry breakout price: $2.85
Risking: $2.75 <<<<----THis was my mistake. Instead of choosing VWAP to fail on, I did a 10 cent stop thinking I could take bigger share size. WRONG! These kind of stocks will pull back to around VWAP and then rip.
Goal: $3.10
Man am I annoyed with this trade. It will all night and instead of failing on VWAP, I failed 10centrs and got chopped out.
Assuming, I had the correct share size to fail on VWAP AND held (which I would not have), I was risking losing $20, entry: 2.85 risking on fail of 2:50 = 57 shares. This would have been a $100 dollar move.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2021-01-07 10:06:33 | FTFT | buy | $2.920 | long |
| 2021-01-07 10:10:18 | FTFT | sell | $2.830 | 0 |
| 2021-01-07 10:37:01 | FTFT | buy | $3.160 | long |
| 2021-01-07 10:41:38 | FTFT | sell | $3.280 | 0 |
| 2021-01-07 10:43:45 | FTFT | buy | $3.490 | long |
| 2021-01-07 10:45:05 | FTFT | sell | $3.320 | 0 |
| 2021-01-07 10:52:06 | FTFT | buy | $3.535 | long |
| 2021-01-07 10:54:17 | FTFT | sell | $3.750 | 0 |
| 2021-01-07 11:14:30 | FTFT | buy | $3.550 | long |
| 2021-01-07 11:16:10 | FTFT | sell | $3.490 | 0 |
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