Today was unusual for me as I broke just another one of my rules by trading pre-market. We have been seeing a lot of cryptocurrency stocks breaking out premarket and so I thought to trade that.
This iced tea stock came out with news this morning that it changed its name to "Long Blockchain," which is a play on words for going long a financial instrument. Naturally, as part of the bubble that we're in, it gapped up, so I took a scalp on a good 5-minute or 1-minute bull flag for a quick $40.06 net realized gain.
The pattern was so obvious and since it was pre-market trading, I did the responsible thing by scaling down on position size. Good trade.
Of course, I was still trading poor quality setups and not sizing appropriately on other trades. This was a disappointing day and ended up losing more than the day before. Cumulative net realized losses for the day were about $573.00.
Execution detail:
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!