ZCMD Trade on Mar 17, 2021 08:17 from Jrow3: Tradervue User Stock Trades.

Trade Idea:
This setup was a first 1min to make a new high in confluence with a flag structure. Upon the entry of the candle which I entered upon, there was a strong buyer at $3.10 who acted as a backboard and started the initial push upward. My trigger point was 3.14, w/ a hard SL at $3

Risk/Reward:
Reward: I wanted to see this stock break $3.25 intracandle
Risk: SL on an intracandle low and hard stop at $3

Position Size:
This was not an A setup (B+ setup) so I took 100 shares. This would have given me room for a potential flash to $3.

Trade Management:
Upon my entry the stock went cleanly to $3.21 and then tested $3.23. I knew if it was truly strong it would clear $3.25 and create a follow through move similar in scale to the move prior which was from $2.9 to $3.19. The stock stalled out after testing $3.23 and made an intracandle range. I took half off at $3.21 as it came to the upper portion of the range between ~$3.21 -$3.18. As it broke down from $3.18, an area which it held nicely for some time, I took the rest off. Upon my exit, the stock made a new 1min candle which created a high at $3.23 and a low at $3.15. The second candle after my entry and exit made a high of $3.28 but only held $3.25 momentarily before losing it again.

Final Exit Thoughts and What I Learned:
While I could have held onto my position for longer, I believe my exits had sound conviction behind them. The stock made a nice move from my entry to an area right below the quarter dollar but lost steam which is not indicative of strong parabolic momentum for a big move. I took my position off the table before the candle closed as I didn’t want to risk letting it run against me. I missed out on marginal profit afterward but I consider the risk of exposure to wait that long without solid confluence was too high and that I made the correct decisions. I could have found a better value for my second exit however.