EYES Trade on Mar 5, 2021 10:28 from Jrow3: Tradervue User Stock Trades.

Trade Idea:
- 1min micropullback from a high of $3.30
- As the subsequent candle tests its own intracandle high at $3.24 I take an entry as price, volume, L2 all ramp up.
- My SL is the intracandle low and I look for momentum to carry the ticker to new highs above $3.3
- Since I took a feeler position in anticipation of the $3.3 break I am looking to add as further confluence becomes present.
Risk/Reward:
- Reward: First TP is at $3.5
- Risk: SL at $3.16 which moves up to $3.25 upon my addition to my position
Position Sizing:
- I took a 100 share position (allows for $0.18 SL) but I looked to add with further conviction in my position. When I added to 200 shares my SL moved up to $3.25 as my avg cost was $3.265 and could not risk more than $0.09 given my accumulated shares. I didn’t want to let my position run and test $3.16 because I figured if it did then it would likely test $3.00 so my SL moved to $3.25 - an area that would have shown weakness if it broke below.
Trade Management:
- I took a feeler position when I saw momentum as the intracandle high was broken.
- I added when $3.3, the previous high was tested. This entry was a bit premature given the L2 and T+S context as there were still some sellers stacked when I entered unfortunately.
- Price tested $3.25 and held which gave confluence that we could see a leg higher.
- Since I was initially red I took profit quick on the break of $3.30 at $3.38
- After $3.30 failed to hold on the bid it showed weakness.
After Trade Thoughts and What I Learned:
- Patience when we test key levels - let the L2 show strength as sellers break down - relates to both of my entries
- I should have exited my entire position after it failed to hold $3.30 on the bid. Therefore my final exit of $3.24 was a bit late.