ABCD style setup. Loved the huge $1+ spike from 4.30's to $5.50. Waited for the pull back to $5 where the 38.2% fib was lined up with the $5.00 whole # mark. I also had vwap below me at 4.92 to add to conviction. This made for a nice r/r setup. I got long at $5.05 and was risking down to vwap originally. As the trade matured and held over $5, I knew that if it broke below $5 I would be looking to exit. So--my risk got tighter.
I liked this setup because it is a know pos stock, and everyone loves to short it. I figured people had been swinging it short from its big day a few days back, so if it got going against them, I thought it could really ramp. This trade idea was for shorts to get trapped on that huge pop, thinking "it cant go more than this", when in reality it can. I would've added to position on the gearing/perking happening on the way up for breakout, but my buying power was limited, and the ticker wasn't marginable. So, I took my 40 cent gainer off the table when it popped to test previous highs. I didnt care if it took off further without me. You cant go broke taking profit.
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