Trade Review
Name of the Play and Brief Description: First Green Day Bounce looking for the stock to break trend of the red days on the daily chart and have shorts cover and dip buyers come in having a first green day
What's the Macro: Trend change after two red days, no news, just a clean chart
Scanning (what was it doing on the scan): It was hovering around the R/G level while also breaking the downtrend line on the 1hr chart, was trading light volume, but had buyers on the lvl 2 and tape
Intraday Fundamentals: No new news, has been a grinder for sometime since it's reverse split. In the weed sector which has been heating up.
Technical Analysis: Breaking the downtrend in premarket while hovering around the support level of $6.46 which acted as a very clear support two days ago, proved to hold again at the open.
Insert intraday chart here with support and resistance lines from daily and premarket:
How Will I Improve: Have more size, and wait for a better entry rather than buying the trend break, there will usually be a pull or pullback at some point especially at open.
What Did I learn: Be a little more patient, and look for reentries if structure is still there.
Did I stick to my plan/risk or move my risk mid trade: Yes, I did adjust my risk to about 1% on my last two shares
Target: Mid $7s and ideally $10 but a little far fetched on bigger float stock
Stop: $6.10
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2024-04-08 08:34:23 | ACB | buy | $6.650 | long |
2024-04-08 09:37:30 | ACB | sell | $7.240 | long |
2024-04-08 09:41:30 | ACB | sell | $7.290 | long |
2024-04-08 09:45:45 | ACB | sell | $7.360 | long |
2024-04-08 09:57:55 | ACB | sell | $6.800 | 0 |
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes
just a few seconds to sign up, and it's free!