I got into trade in the premarket due to pop up and holding the vwap (bounced off it 3 times). Price formed a wedge then broke upper trendline at 7:18. I waited for pullback and bought. Target was $1.42, which was high of pop up. Market opened and price stalled. I was nervous, but I held cuz I only had 1 trade. At one point price dipped below vwap and I was down ($40.00) and was starting to feel the frustration creep in. Looking back, I didn't have a clear stop-out price, I just got lucky. Price seemed to bounce off descending trendline and a previous low in the premarket (1 of the vwap bounces at 6:40 am), which really a terrible risk to reward....I should have had a .03 stop price vs undefined. Looks like a bigger pull back was needed, cuz now it is ripping.
Setup seemed good. No clear stop price. Risk to reward poor.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-08-20 09:24:19 | GRNQ | buy | $1.350 | long |
2021-08-20 09:24:19 | GRNQ | buy | $1.350 | long |
2021-08-20 09:33:08 | GRNQ | sell | $1.420 | long |
2021-08-20 09:33:08 | GRNQ | sell | $1.420 | 0 |
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