SLNO Trade on Sep 26, 2023 08:56 from moazzamk: Tradervue User Stock Trades.

The set-up:
SLNO was going up on news that about its positive study data for a proposed treatment for genetic disorder that can lead to obesity, diabetes and cardiovascular disease. 6M float and it went from 4 dollars to 20 dollars. The only stock with any volume. It was clear everyone was focusing on this one.

High volume green candles going up and relatively low volume going down on 1 min. And, it was using 1 min 9ema as support. Also, it was still trending up on 5 min. I got in near the lows anticipating a move up to descending resistance but it went lower than what should have been my SL. I was going to sell but I noticed that it was going back up so I waited for it to get back up to descending resistance. Close to resistance it started to hesitate and I sold near the top.

Anyway, I waited for it to cross the descending resistance again. It went down to 18.2 but in the same minute, it came back up very quickly forming a doji. I had written it off but after the doji, I figured that has to move up at least a bit and bought close to resistance.

In retrospect, I should have waited for the candle to close above resistance. Anyway, increasing volume, etc were on my side. It went up. I wanted to sell but I decided to stay true to the strategy and wait. It went up quite a bit , reaching my PT and started to hesitate a bit near the previous swing high.

I sold half close to the swing high and waited. It shot back up and I bought again as it was going up. There was a big red candle on 15 seconds so I sold for profit but below the last buy price. I ended up making 4 dollars even with the small loss.

When a trade works perfectly like this, it feels great to trade it.

What I did Right:
- Got back in after the first sell anticipating a break. My SL was below the low of the doji.
- Decided on SL before getting in

Where I could improve:
- Could have waited till the candle closed above descending resistance but GMan does get in on anticipation; and things worked out this time. According to him low accuracy is ok on this one.

Trade grade: A
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Big-picture: SPY was moving down today . We may break support tomorrow and trend down