CHEK Trade on Mar 15, 2021 07:53 from Jrow3: Tradervue User Stock Trades.

Trade Idea:
The ticker was the leading gapper and had just made a healthy and necessary pullback as it was overextended on the 5min chart. As it pulled back, it naturally created a descending resistance. This resistance was being tested and was broken at my point of entry. It consolidated a bit after the initial break and formed a flat top wedge with the trigger price of $3.45. It had tested that area a few times so I wanted to wait for a smooth bout of momentum to catch the actual break instead of a false test. My idea upon taking my starting position was to add at $3.5 if it was strong.
Context:
- Not feeling the most energy this morning possibly due to the time change - I made a point to wake up early yesterday in preparation but still don't feel well-rested today.

Risk/Reward:
Risk: First 1min candle to make a fresh low ($3.38)
Reward: Ideally looking to add and see moves first above $3.5 and the $3.55 pivot before scaling out

Position Size:
- Wanted to scale into 150 shares which would allow for ~$0.11 SL. Could have added more in the case of strong follow through as I would have had a good average price

Trade Management:
My entry was timed perfectly as I caught $3.45 as it broke through $3.44 and subsequently saw the tape consisting of only green $3.45 prints with the ask share sizes on the L2 counting down. After I entered the ticker broke to #3.49 right away and I thought we would see $3.5 shortly thereafter. $3.49 broke down on the ask to only see an immediate regain of size with even more shares. Someone did not want this price broken right away so I was on high alert after I saw that. It rejected from that point to $3.46 where it ranged intracandle between that $0.03 space. It held above $3.45 which was a sign of strength but did not want to test $3.5 which was weak. I was conflicted and did not practice objective patience. $3.49 broke down twice more on the ask and there was an obvious hidden seller holding the price down. On the fifth retest I put an order to sell half of my shares on the ask and got filled at $3.49. Upon another failure from that level I sold the rest of my position on the bid at $3.47. My position only lasted 30 seconds and I did not let the move prove that it was entirely weak by making new lows. I was not patient enough. Soon after, as the candle was 46 seconds into its minute long life it tested $3.5 and broke it. It did not cleanly hold this level upon retest but it did regain that price on the bid quickly.

Final Thoughts and What I Learned:
I am both naturally disappointed in the way I managed the trade but I am more upset that I was not capable of taking advantage of the subsequent flat-top/flag setup which occurred on the 7:54 candle and broke on the 7:55 candle. This would have been the perfect area to re-enter as it was a sign of strength. If I was patient enough to hold my position until it failed initially I would have hoped that I was present enough to add during this prime pullback. Staying present and looking for the next setup is key to my trading development and path to success.