This one was painful. I saw the volume early in the day and thought it would keep up.
Went long after the pullback for the continuation play and it went against. I did see the huge red volume bar but I didn't think that it could over take the series of large green volume bars. Lesson learned!
I may need to leave short plays alone until I can learn how to actually recognize them.
I though this was just resting after a run down. However, the daily chart gave me no indication that it would be in a run down. <-I just realized that as I am typing now.
I also need to be "vewy, vewy" careful when hunting these types of stocks. Boy can they move, and fast! Of course, I was hoping to be on the receiving end, as it is better to receive than to give, especially when it comes to trading.
I like to trade this stock even though it's very risky due to the low-float and relatively high volume. Nevertheless, I waited for move confirmation to enter after the pullback. Sold some on the run up, then added some after that. It moves so fast and I'm learning to manage them. I think I'm hooked on low-float stocks, but I will definitely limit how many I trade each day to one or two. And I'll be sure to do my homework on these stocks much more thoroughly than any others due to their risk/ rewards$$$
Execution detail:
I started out with 1000 shares, at that point I only had 250 shares, so I set my stop above my entry price and let it get hit. I wanted to keep a small portion in just in case it pulled back to continue to the up side. The other day I closed my position early and missed out on the real run up, twice. I figured with only 250 shares and my stop set above my entry that I was taking home profits either way.
How should I have managed this one?
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Awesome entry and very nice scale out on the way up! But yhy did you let the stock almost $2 back from its highs?