Because of mistakes learned from SUNE, RJET, CRC, and VNR as well as seeing noticeable patterns on pre-market activity for gap-ups. I wanted to grab IDGX pre-market at 1.5 and sell at pre-market highs but was unsure of what my position size due to not being able to specifically define a risk. I could've set a stop loss under 1.5 and call it a risk but the patterns that work during normal market hours doesn't translate 100% to work during pre-market. Even worse is that once the bell opens, the stock can completely ignore the pre-market pattern especially if a stock has already gapped up a ton which in this case is already at 50%. There was no edge and it was pretty much a guessing game so i became patient and waited for an 5m ORB or a breakout past the pre-market high of 1.73.
Bought 2000 IDXG @ 1.7299 12/09/2016 09:32:07
Stock moved too fast and i saw an ORB on the 1 minute candle teasing a nhod.
Sold 1000 IDXG @ 1.8593 12/09/2016 09:33:03
Profit taking system activated.
Sold 500 IDXG @ 1.7501 12/09/2016 09:34:31
Downsized to minimize my risk just cause the stock is moving too unpredictable on the 1min.
Sold 500 IDXG @ 1.8593 12/09/2016 09:40:44
Since i only had 500 left and some profits locked in, i held the last 500 to see if it can break past 2.0. I had about ~6mins to sell above 1.90+ but still waited to see if it cracks above 2$. Stock cracked from 1.9 > 1.8. Was able to hold an extra min to sell off strength on a bounce.
** 11 Dec, on review of my trade, i was actually out of the trade at 0940 instead of the 0950 i initially thought, sold early without even seeing an ema crossover or a break of the 13ema.
** 20 Dec, review
- F3 prior day GAP UP, bought B/O of pre-market HOD on spike
- Spiked on volume B/O of pre-market HOD. Very volatile and quick trade. Less than 1min from buy to 1st profit taking and 8 mins for the whole trade.
- GO-TO-SETUP, relied on price action to close out on position. 1st time i've done that and good thing i did because the lagging indicators would've been too late.
- STUDY PRICE ACTION !!!
** 11 Dec, on review of my trade, i was actually out of the trade at 0940 instead of the 0950 i initially thought, sold early without even seeing an ema crossover or a break of the 13ema.
** 20 Dec, review
- F3 prior day GAP UP, bought B/O of pre-market HOD on spike
- Spiked on volume B/O of pre-market HOD. Very volatile and quick trade. Less than 1min from buy to 1st profit taking and 8 mins for the whole trade.
- GO-TO-SETUP, relied on price action to close out on position. 1st time i've done that and good thing i did because the lagging indicators would've been too late.
- STUDY PRICE ACTION !!!
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