ENTX Trade on Mar 12, 2021 08:29 from Jrow3: Tradervue User Stock Trades.

Trade Idea:
Within one candle, ENTX made a strong push from $6.47 to $6.6. The next candle opened at $6.59, double topped at $6.6, and pulled back to $6.54. The third candle in this sequence made a high of $6.56 and touched the 9 EMA during the low of $6.46. I took this idea as a bounce off the 9 EMA as the first candle to make a new high on the 1min chart. The candle which I entered on opened at $6.51, immediately showed strength and that gave me confluence to take a small position on the break of the previous 1min candle high.

Risk/Reward:
Reward: I wanted to see it break the high of the structure which I was entering on at $6.6. I knew that because it was not a premarket HOD break that there could be overhead descending aligning with previous highs so that a false break was possible.
Risk: SL at $6.5 which both would have been the intracandle low and psychological level which I needed to hold to show true strength.

Position Size:
I took too small of a position. I knew that this trade did not merit my full allowed size per trade due to the setup quality ( it was a 1min setup, the pullback was large relative to the initial push but there was potential in the first return of a bull signal given the previous momo). W/ a $0.05 SL I could have taken a 200 share position comfortably within this context. My initial idea was to add into the trade if it showed strength above $6.6 but that never happened. I would have laddered in with one more add which would have put me at 200 shares. This was a failed break of that level so my marginal profit was breakeven.

Trade Management:
I managed this trade well. Again, I wanted to add with strength as we surpassed $6.6 but this opportunity never arose. We saw a nice move from $6.56 to $6.6 but $6.6 broke down on the ask and held indicating a hidden seller. This was inherently weak and the pricepoint remained stubborn as it was continuously tested. Size reappeared on the ask at $6.6 as someone most likely made their position visible or it was an accumulation of sell orders during this period. Either way it was not a sign of confluence that I wanted to add upon. $6.6 broke down again and still held indicating the hidden seller was still present. At 8:29:26 it was broken through but only by $0.02 which was weak. $6.6 was immediately regained on the ask with very large size relative to what we saw prior and I then sold half of my position on the bid. As I saw the initial signs of it failing from this price I sold the rest at $6.56 to make sure I was out before my entry. I did not want to take on any heat within this position after what I saw as it tested $6.6

Final Exit Thoughts and What I Learned:
The subsequent two candles after I sold failed harshly and we saw lows of $6.27. My ability to stay honed in on the L2 and T+S during this trade was paramount to me recognizing the hidden seller and resistance around $6.6 which ultimately caused this move to fail. I anticipated the breakdown nicely and I did not add as there was not sound confluence in my original idea. My flexibility and presence allowed me to exit with an average of $0.25/share instead of taking a loss. This was a confidence-building experience as it validated my ability to stay clear and objective during the lifetime of the trade.