This was a slight variation to the dip and rip pattern which I call the open re-claim. Tim normally says to buy the breakout level, however I find that I miss most of the move if I buy that high.
The high during premarket was $9, however as soon as the market opened we dipped.
In the first five minute I thought we had set a bottom so I took a very small starter size. The next 5 minutes the stocks went even lower and I was going to sell and I kept moving my risk level lower to important areas. These key levels actually held and it gave me conviction that IF it broke those level I MUST sell. The open price was $8.10 and I tried to buy the break of this with bigger size risking a break of $7.97 as this was the bottom of the consolidation area during pre market. As soon as this happened my broker platform froze and my charts and level two stopped working!!!!
I had no idea was happening and just sold all my shares. LUCKILY I caught near the top was not part of the crash.
After this trade I decided not to trade any more becase it has been a while since I have had a green day and I did not want to lose any of my gains. I have done this before and it hurts a lot.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-03-02 09:34:41 | NNVC | buy | $7.590 | long |
2021-03-02 09:48:03 | NNVC | buy | $8.120 | long |
2021-03-02 09:49:46 | NNVC | sell | $8.480 | 0 |
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