AMC Trade on Jun 16, 2021 09:35 from tjmiller2001: Tradervue User Stock Trades.

AMC has 15m Demand at 55.04. This zone was created 2 days before 6-16 as part of a RBR.

This name gapped down from 59 at yesterdays close to opening at 56 today. The first two candles were red then support was found at 55.04 which is a 15 minute demand zone. The green candle at 9:34 was enough confirmation for me to get long with a 3:1 RR.

I was filled on a share at 9:35. I chose not to do options contracts because the premiums were too high.

However, after my entry it consolidated for 5 straight minutes, making lower lows with it's 1m candles. I chose to get out at 9:39 because I felt that consolidation will lead to weakness in a name like this that is well above its fundamental value. I believe this was the right decision.

Lesson Learned: Be willing to get out for breakeven during a consolidation period. Then be ready to reenter when you recieve confirmation in a direction.