MEDS Trade on Aug 2, 2023 10:24 from moazzamk: Tradervue User Stock Trades.

The set-up: The chart had formed a pullback pattern. The thing concerning about this was red volume was high. The stock had halted up and resumed higher . The past halts I have experienced this month have all halted going up but then sold off during the halt.

MEDS halted way above halt price and went down a bit and got back up. I got in because I figured it would do HOD and higher. However, it formed an ABCD pattern and then flushed.

I should have paid more attention to the red volume candles and not traded it . gman-pullback involves high green volume and pullback on low volume . This was the opposite of that . I don't remember how relative volume was . I remember telling myself 2 things are not matching up (one of them I think was relative volume). Anyway, lesson learned.

This is not the market to take such risks in.

What I did Right:
Didn't get in on the first leg. It took a lot of discipline. Also cut my losses as soon as it flushed (it halted down before I could but I cut losses as soon as it got out of the halt)

What I did Wrong:
Should have not gotten in . Volume on red candles was much higher than green ones.

Where I could improve:
I need to figure out a strategy for trading the first leg of the momentum. This way, I will be better prepared in case I do get in on the first leg. Also, don't get in if red volume is higher on pullback.
Trade grade:
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Big-picture:

My wins have been getting bigger. Before, I would count myself lucky if I got 5 dollars in a day. These days my trades are longer , entries are better and wins have been getting bigger.

While my big losses have been pretty big as usual, I don't think they have increased in magnitude that much. I need to get better at cutting losses and more importantly, find more strategies (like gman-pullback) that provide more than 1:1 p/l ratio