COGT Trade on Jun 10, 2022 11:39 from HelloMrMotto: Tradervue User Stock Trades.

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HelloMrMotto

 

Intraday

Let's get into the trade. I didn't think about trading today like that due to having only 2 round trips left and also my GF had to go to the dentist so I was left home with the baby. I logged on to my computer pretty late around 11 am which I was fine with that.

I saw the futures all down, including all the blue-chip stocks so I knew at the opening drive that it was a high percentage that the day was going to be bearish. Plus SPY was down under the 400's and hit the 300 terrotory.

I didn't see any plays at all on the blue-chip stocks and with my normal self I would have tried to force a trade due to having a day trading account so this was good that it forced me to go look at smaller stocks that were trending on the Barchart scanner.

I saw a list of stocks that were trending and the only one that had volume and had a chart that wasn't choppy was COGT.

Why did you take the trade?

I didn't get in the trade due to FOMO. I saw that the stock went bullish for quite some time since intraday. The news hit it and this stock was the only stock on the scanner that had a clear chart that wasn't choppy.

The stock had a Mexican wall at 10 that it had been trying to break. I thought of other trades from a psychological standpoint that on one side traders had to say to themselves, "this isn't going to go any higher." These must have been short-sellers and also people that have been going in and out of trades. Then on the other side of the trade, the number 10 is a psychological number that those trades had to say that this thing is going to blow past 10. I wanted to be on that side.

I saw it break 10 a few times and blow past it all the way up to .20 cents above that and retain right below ten so I knew that this thing was going to have a nice drive. I waited a few more times to get the green light and when I saw the order flow come in on level 2 I decided to get in with 1000 shares and got an entry of 10.03.

How did the trade go?

I took the entry a 10.03 and the stock moved. It was an awesome entry. I mean a very awesome entry that the stock moved right to 10.80 which was a resistance on the daily chart.

I didn't want to collect profits right away because I saw this stock could have potentially blown past 11 due to the Mexican wall being broken down. Also, this was the only stock that was moving so I had good faith in it. But the scary thing about it on the flip side is that the stock had been moving so they could have the rug pulled the stock down on everyone also so we always have to put that variable in it.

I let the move play out a bit just to see where it would go and to see if it could remain above 10.5. It didn't retain at all and my plan was first to get out in the '50s but I knew that most stocks would test the 50s and go below quickly and come right back so I moved my plan to the '40s. I didn't stick to the plan and ended up taking profits in the 30s.

I am glad I took profits because right after that the stock later faded to 8.50's at EOD.

Where did the trade go wrong?

I saw myself trading for the profits at one point instead of trading off the charts. I did snap back but I saw myself checking profits from time to time. Me checking it gave me a little regret about where I should have taken profits so I will get better in time of not making that a habit

What can you do better?

  • Should have checked the float

  • Should have looked at the daily chart for support and resistance

  • Buy on support and sell of resistance

  • Should have checked the news

  • Should have gotten out at 10.40 (which was my plan)

  • Trade the charts and not check profits

What was an important thing that your learned today?

  • Buy on support and sell on resistance

  • Look at the daily chart for those levels

  • Stick to your plan no matter what

Grade: B

Why that Grade?

You followed your plan, you didn't let too many of your old habits come back. You were patient and say the entry and watch the Mexican wall break down so you took the trade. You got out and collected profits before the stock faded.


Execution detail:

Date/time Symbol Side Price Position
2022-06-10 11:39:00 COGT buy $10.032 long
2022-06-10 11:39:00 COGT buy $10.032 long
2022-06-10 11:39:00 COGT buy $10.032 long
2022-06-10 11:39:00 COGT buy $10.032 long
2022-06-10 11:39:00 COGT buy $10.032 long
2022-06-10 11:39:00 COGT buy $10.032 long
2022-06-10 11:39:00 COGT buy $10.032 long
2022-06-10 11:39:00 COGT buy $10.032 long
2022-06-10 11:39:00 COGT buy $10.032 long
2022-06-10 11:39:00 COGT buy $10.032 long
2022-06-10 11:39:00 COGT buy $10.040 long
2022-06-10 11:52:56 COGT sell $10.307 0


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