HK Trade on Jul 12, 2017 10:16 from d3totherescue: Tradervue User Stock Trades.

Setup:

The stock tried to breakout of the 6.70 area. It was successful on the 3 minute, but put in wicks on the 5 minute. I shorted on a pop to 6.60 area. I covered half because I did not get the move which I was looking for. Then, there were signs weakness in the stock again. I added to my original position with larger size. Covered more on the way down.

Mindset:

The stock broke out from the 6.69 area, but the stock failed to claim previous day's high. I would have longed the stock if there was a 6.80 breakout because that is a pivotal area. I knew there would be selling because the buyers expected a 6.80 breakout. I thought the breakdown would come quicker. It did not. I took 1/2, and added to my position with a stop above 6.60.

Improvement:

I should have added more shares when the 6.50 break came. 6.50 was also an important area because there was buying pressure around that area previously. I also need to hold my trades longer. I also need to be able to read the tape better. Reading the tape was almost nonexistent on this trade.