Shared by
Goku_BOWS
Daily Setup: Support bounce
Intraday Setup:Oversold into support
Layers of Probability: Daily support level, extended intraday
Entry: RDR @ $6, then added more closer to daily low of 6.85. Second attempt after stopping out was fomo, it up-ticked after I got stopped
Stop: LODs
Targets: 5.99, 6.1, equilibrium
Thoughts/Thesis/Notes during the trade:
Gapped down and faded hard, into daily support, entered 1/2 position with RDR @ $6; added into 5.9 with yearly low at 5.85. Stop below that level, 5.84.
Doesn't look like enough room.
Stopped
Second attempt RDR on 5
1/2 risk vs LOD, still looks weak.
1st target 5.99 for 1/3
Can't seem to catch a bid
Why am I trying to long a weak stock? I think this is a version of boredom trading since I've missed the original move and feel this is my only way to trade the momentum.
Areas of Success: Decent daily setup and thesis, risk size with lower probability.
Areas to Improve: intraday setup and triggers.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2023-03-21 09:45:00 | AG | buy | $6.010 | long |
| 2023-03-21 09:47:00 | AG | buy | $5.900 | long |
| 2023-03-21 09:49:00 | AG | sell | $5.840 | 0 |
| 2023-03-21 09:51:00 | AG | buy | $5.890 | long |
| 2023-03-21 09:56:00 | AG | buy | $5.850 | long |
| 2023-03-21 10:04:00 | AG | sell | $5.800 | 0 |
Comments
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Great idea as very extended and big gap down. Just looks someone or some group was doing everything they can to sell. Not only was there a steep move down 9:30 to 10:30, but look at that massive sustaining volume. That in my eyes is saying some big player is really trying to get out of this.
Nonetheless massive extesnion right into daily support, excellent setup, I just think unfortunately some big big players really had to sell and made this setup fail.