This stock was a pure technical play with no significant catalyst. The volume was also decreasing intraday. However, this thing was forming a very nice wedge pattern and the lower trendline was being respected over and over. I figured that if this pattern holds up, we will see some volume trickle back in. I longed the dip near the lower trendline and the stock ended up breaking out and making a new high of day with good volume. I was selling chunks of my position on the way up and got stopped out the rest when the stock failed to hold its new range. This is a base-hit trade for me. Nothing crazy in terms of profit but it helped me get my mindset right after taking an irrational loss yesterday.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-03-17 12:28:13 | LPCN | buy | $1.878 | long |
2021-03-17 12:57:02 | LPCN | sell | $1.960 | long |
2021-03-17 13:08:53 | LPCN | sell | $1.982 | long |
2021-03-17 13:15:16 | LPCN | sell | $1.930 | 0 |
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