Damn,you know the small cap market is slower this week when such a nice wedge setup does not end up working. This thing was forming higher lows on high relative volume and seemed to have a lot of interest on the buy side as it was making its way back above VWAP. But, when push came to shove, there were too many sellers sitting on that upper trendline and they ended up winning over the buyers. I did a decent job at scaling in and adding more as the stock showed strength, although my first buy was not that great. I sold a quarter when the stock popped above the most recent pivot high in order to reduce risk, and waited for the stock to open up above 2.3. I knew shorts were using that 2.30 level as their stop so my plan was to scale out on pops above that level. But the stock was just too heavy and ended up failing, stopping me out for a small win, basically breakeven.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-04-09 10:30:11 | TENX | buy | $2.178 | long |
2021-04-09 10:48:03 | TENX | buy | $2.198 | long |
2021-04-09 11:00:18 | TENX | buy | $2.200 | long |
2021-04-09 11:05:53 | TENX | sell | $2.290 | long |
2021-04-09 11:06:45 | TENX | sell | $2.270 | long |
2021-04-09 11:30:07 | TENX | sell | $2.180 | 0 |
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Considering the price action you timed your exit about as well as could be hoped for...