GEVO had a lot of momentum this morning and a decent daily chart. After the first breakout this morning there was a nice consolidation period around 10:00 AM.
I ended up getting into the trade with an upward trend continuation strategy as it checked all of the boxes.
At observation it was the 3rd continuation on the 1 minute chart so I felt I needed to tread carefully. I set my stop at 6.95 at roughly the 61% mark because I was able to get in around 7.09. I had been doing other things so I didn't get much of a chance to find any target levels. I ran with the straight 1:3, 1:5, and 1:7 exit strategy.
Here is the trade plan:
Once I entered I switched to the 5 min candles to avoid the noise. Stops were set and I let it run.
I set an alert for 7.55 for my first exit. Soon after I saw that it was consolidating sharply at 7.36 and looked like a sharp reversal at 7.45. Given the volatility I exited 1/3 at after the first leg consolidation. Then after the next rip to 7.45 the 5 minute candle was getting spooky so I then exited the two thirds a tad ways what looked like a reversal. Price movement was so quick I didn't get prefect exits but hey, profit is profit.
Risk minimized. It ended up running further, but hindsight is always 20/20.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-09-09 10:01:33 | GEVO | buy | $7.090 | long |
2021-09-09 10:01:34 | GEVO | buy | $7.090 | long |
2021-09-09 10:11:32 | GEVO | sell | $7.280 | long |
2021-09-09 10:14:13 | GEVO | sell | $7.320 | long |
2021-09-09 10:14:13 | GEVO | sell | $7.320 | 0 |
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