RIOT Trade on May 26, 2021 09:43 from WuManChu: Tradervue User Stock Trades.

Idea, Entry, and Risk:

*Idea: Originally long (daily breakout level and trend), but flipped short w/BTC relative daily weakness
*Entry: Starter 20.70
*Risk: 1:2 (28s vs G/R)

Catalyst and News:

Fundamentals:

n/a

Technicals:

Testing key former breakdown level (27.60s) on daily. BTC up again near the 40K again but showing short term fails. Thinking that it might cause a panic at any key level test and fails, waited, starter size above VWAP test.

Summation:

Small entry (20s) on the first fail of the day. Watched it fall (higher low), thinking there'd still be downwards momentum even on the grind back up to the key. Sized in higher at the 27.40s under the daily key, watched it fail and considered sizing harder.

The consolidation and hold at the 26.50s should have been a signal to exit, but stayed. Rode up until stop at 28.

Takeaways:

Ate it.

Trust your intuition. Off the morning moves, you told yourself that this was likely a long, from a combination of daily breakout and likelihood of people wanting to short it at this level (27.50s and beyond), which would likely end up in a grind for a good portion of the morning.

Yes, the fails were called, but didn't take off the key level bounce at the 26.70s. Awareness but no respect for the "higher lows", with only three bounce points and steady buying pressure.

You can do this, just gotta trust your own awareness and not get biased.