I love this trade not because of the gains but the planned execution. This will definitely be a set-up to consider. Although it did not retrace nowhere near where I had anticipated it to return, nevertheless I am yet happy because the plan still worked and I didn't had to be too uneasy by no means, really. The Time of Day was against me that is why it hadnn't time to retrace to major support area. I shorted at $10.9899 anticipating a retracement to 10.3 or 10.17 about. It only retraced to about 10.6 with fast pull back, so I covered at 10.7103 to be on the safe side as I watch the time of day which was near close. However, looking back at it now, that was actually standard points move to take profit and move on, I was really hoping for too much. And surely it went right back up to 11 at the close which would have been such a loser.
Here is how the plan went:
I did a bunch of crap earlier with this ticker and lost about 600 which I recovered with this 559 and about 130, but overall I gained about 270 on it for the day. Anyways, back to the plan. I looked at it carefully and how the price action was going. It had a range somewhere between 10.17 and 11.12, over a dollar, which was fantastic. I set out to short it even though it was in an uptrend and also the overall market was in an uptrend since its earnings period I supposed. I notice when it move up at resistance it was only doing so quickly and then returning to spend more time (consolidate) at support area. Therefore, I setted the following conditions to short it:
1. It must make a quick straight move up to resistance from near current major support. If it were to move up and consolidate closer to my current resistance target then I would have to not trade it altogether or move up my target, but having to move the target would have meant a less favourable Risk/Reward for me, which I did thought of doing as it inched its way up but I hold out to the same position, not to mention I had placed an order with my real cash account at a higher lever (short at 11.4899) which was where I was really focused on of course but it never get there. Eventually I cancelled that order at 3:47pm
2. The range remained good
3. The VOLUME. Very important here was the action of the volume along with the price movement. The idea is that there must be 7/10 or 9/12 ratio in favour of green volume bars to compared to red. Additionally, there must be of reasonable length with the latter ones pushing price to resistance being longer compared to the earlier ones. Also in this up move the few red ones in between must not be of significant length/height. Also, towards the final push there must be about at least three (3) green candles in a row (one after the other with no ren in between) four or even five is more preferable and don't forget the HEIGHT, of the three latter three, at least 2 must be of greater HEIGHT, I'm stressing these heights because it's very important but could be easily overlooked and that could mean the price action just consolidating to head higher, because after those 3 or 4 green volume bars of LOWER height could be one or two red volume bar(s) of even lesser height, and then the upward move continues. And
4. Time of Day

Remember, all of this is just a favourable probability/hypothesis, no exact science, eh.

Of course there are other variable we all considered before even thinking about making the trade, like time frame and previou runs/spikes, how fast are the moves up? Do they fade off gradually or sharp? Is it a POS company or a solid one? Volume/liquidity, float e.t.c.

Beginner

Paper trading only two weeks now and twice with my real cash account winning one and losing the other, of which the lost was about five times more than the win. Long way to go paper trading yet. Also, the amount of shares traded here is not reflective of my real account except if one zero is removed.