I looked through the TradingView screener, sorted by volume and priced between $5 – $15 (In my mind, I was only risking ~$15 so the stock couldn’t be more than that, but as I continued trading, I realized that since I’m trading with a stop, I can afford to risk more, so it doesn’t matter, really, what the price of the stock is. I’ll remember that going forward, though, it’s just going to increase the number of things to sort through). A lot of the stocks that I saw had patterns I didn’t like — extended moves, candles with no movement (which I’m getting more used to seeing and trading) — so I played around with sorting — by volume, price, change% etc. I came across a few stocks that I liked, PSQ being one of them.
It had been up-trending for the last week and made a strong break out this morning. When I got to the chart, it had pushed up a lot and was basing/maybe making a small pullback. And while it had made a large move up, it didn’t feel extended to me. I ran the numbers, liked the R:R up to the next discernible resistance area, so I set an entry order.
Entry – $14.23
Stop – $14.17
Target – $14.40
R:R – 2.83
Entry – $14.23
Exit – $14.23
Price pushed in my favor a bit, came back to close to my entry, then pushed up again to 1R. I was able to move my stop to break even, but not too long after, price pushed back down and stopped me out at exactly my entry price.
I did a top-down, I was patient and waited for 1R, this one just came back down on me and I didn’t lose anything. I call this a win, and a good trade. We’ll see how trading stocks goes going forward, I’m hoping they’re a little more consistently moving than Forex, given the volume is less, especially with individual stocks. I’m trying to not get my hopes up, just need to make the best decision I can with the information I can gather. Every day.