God, it hasn’t even been that long (less than 5 hours), but I already don’t know remember where exactly I found this stock. I was watching/listening to TraderTV, but I’m pretty sure I didn’t get it from them (they seem to trade only blue-chips), so it was either from my personal screener or from the sizzle index. Actually, I take that back there’s a chance I did get this idea from the “Big Desk” on TTV, but I don’t remember.
Regardless, when I got to this chart, it had just made a huge push upward, broke a very strong resistance area and was still up. Looking at the 5 minute chart, I saw a nice push up, a pullback another push up and another pullback. It’s the second pullback that I became aware of this stock, and where I looked to put entry orders.
Entry – $6.20
Target – $6.40
Stop – $6.10
R:R – 2
I saw a decent target, but on the 5 min. chart, the risk wasn’t worth the reward. I dropped down to a 1 min. chart and found a tighter stop area in order to improve my odds, and set an entry order.
Entry – $6.21
Exit – $6.10
Price pushed up in my favor for a second, enough to trigger me in, but quickly came down and stopped me out. A) the stock was already extended this morning, I need to stop looking for those last, exhaustive moves. If it’s extended STAY AWAY!
