PHIIK long 2/28/19
FOMO chaser. I was so so soooo pissed that I missed the move that I was talking about in chat. I really blew it. It didn’t come all the way down to my level at 2.60 that I wanted with risk towards vwap at 2.50. However, I had the 2.67 level from a previous few days consolidation, and that lined up perfectly with the 38.2% fib retracement. This made me think super bullish, but I didn’t want to chase, so I didn’t enter. I wanted it to pull back further.
Fast forward to the big move, and up to $3 and beyond, I didn’t enter. In hindsight, on the way back up, I could've got long in anticipation of the $3 rip, or, got long at $3 once it confirmed. But, I was trying to not have FOMO and chase, so I didn’t trade.
Then, right before the close an immense amount of greed and FOMO came over me, and as I was seeing PHIIK curl up off a weak base of 3.30’s, I got long at $3.45 with 19 mins left in the day, in anticipation of the hod break and rush to next resistance --$3.80. I planned for it to be a scalp when I went in, but then when it didn’t break to new highs, it quickly washed out on me. I was an instant bag holder. I get what I deserve for trying to force a trade. I was so upset that it didn’t break out , that I didn’t immediately sell as I should have.
Even as I write this right now, I am still convinced that PHIIK is going to go higher. Anything over $3 I’m still bullish on. I’ve taken a 400-share position overnight from 3.11 looking for a gap up to sell into. I will look for a weak open tomorrow to get long into. (and hopefully I will already have sold my gap for a small gainer)
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