VMRI Trade on Jun 28, 2016 10:19 from Louie: Tradervue User Stock Trades.

General Comment/s:
-Saw this stock from twitter from someone I follow (pro trader not promoter)
-Checked the daily chart and it is way overextended. Realized that its an OTC, great pump. I know from experience that when these play crack they crack fast but we dont know when so I didnt really pay attention to it at the open as there was no volume and it was just going higher.
-As it was getting higher, I wanted to long it risk based off VWAP but I told myself that it is overextended and there is no reason to put my limited capital to risk in an illiquid stock. So I just kept an eye on this stock until- when it started showing signs of bearish PA!
-I saw on level 2 that there is an aggressive seller at 3.4-3.5 area, so when the stock didnt uptick higher than 3.5 and cant uptick higer then 3.4. I knew its cracking day today

1st trade
Plan: (SS)

Setup:Overextended +Lower Highs

SL: 3.4

PT: 3.1 to 3

Final thoughts:
-wow impressive trade! it just starting to slide down and didnt even upticked. When the former support at 3.1 started to hold, I told myself theres no point hanging around as the stock have already reached my PT. Also I dont want to get greedy and not cover. Hence I exited all my position.
-Lesson need to learn how to scale out!

2nd trade

Comment:
-someone is just so aggressive in selling this stock. His trace is all over the tape. And as the stock is overextended, I am sure some people who are long are already panicking!

Plan: (SS)

Set up: Chased SS! what a gambler no edge! although its a winning trade, chances are in the long run it is not a sustainable strategy.

SL: 2.8 (because Found a big seller around 2.7 so if that seller is taken out and upticks higher to 2.8 I will exit)

PT: +.20 (dont want to get greedy, take profits, run, wash and repeat. Preserve mental capital)

-scaled out at 2.5 lock some in.

-all out around 1.9 area as the stock seemed to find support at 1.8 and is making a lower high plus a consolidation