Still chasing what isn't there (and what is). 🙃

Aug 27 (edited) in 💬 General

Chased a pre-market loser ($TRIB) this AM. I was in late and saw a downward trend on the 5 min and was looking for support at VWAP, then 200EMA that never showed, then took a third trade after a long period of sideways movement that went down more. Finally gave up on it. Saw $ADXN on my scanner and pulled up the charts and immediately had the thought that this looked much healthier than the one I had just been chasing and gave me a subtle sense of confidence. Entered after a micro pullback at $10.79 then sold less than a min later at $10.94. The stock has gone up to $12.60 in the few mins since, which reinforced my read on it.

Key takeaways today: 1) trade on upward momentum continuation, rather than downward momentum (and looking for reversal), 2) if the move doesn't resolve nearly immediately, then get out and look for the next entry with a good setup.

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