FUBO Trade on Jul 29, 2021 10:19 from tjmiller2001: Tradervue User Stock Trades.

FUBO rejected supply at 28.18 around 9:43 then fell all the way down to 27.10 over the next 30 minutes.

I was watching for buyers to step in at 27.00 15m demand to get long. I saw that from 10:09 to 10:16 and got filled on a pullback at 10:19. I got long at 27.20 with a SL at 26.90 and a TP level of 28.10. This gave me a 3:1 RR.

These were my thoughts before my entry:

10:11 - "Looking for a volume increase, I thought I saw it at 10:09 but volume died out the next minute."

10:12 - "Price is looking good, but without volume, I'm too skeptical to enter"

I'm glad I was selective with my entry, the 10:09 to 10:12 run up felt artificial without volume. I had a nagging suspicion that price would fall back down without support from lots of market participants. Instead of entering based on price, I look for volume too now. I believe this has made me a better trader.

10:15 - "The 5m chart looks good, I requested a fill."

I think this was a good decision. The 5m chart showed 6 consecutive red candles followed by 1 large green one. Ideally, there would be more volume on the 10:05 or 10:10 candle though. That would signify a change in character.

At 10:19 I was filled on my entry and the stock started quickly moving in my direction. It formed an ascending channel from 10:08 - 10:37 and when a large red candle broke below this zone at 10:38 I moved my SL to a 1m lower low.

This was triggered quickly with my stopping out at 10:39 before the stock immediately reversed. It was a good exit bc I followed my rules. However, when the direction completely changes as soon as I get out, it leaves me wondering what specifically I need to do to prevent that more often. I was out of buying power so I couldn't reenter. If I would've got back in, it would've been a part of a different strategy, not a demand bounce anymore.

Lesson Learned: Continue to find entries based on price and volume, not just price. Also, start looking at multiple timeframes before your entries to see if they also align with your thesis.