Chart History: Gapping 20-50% range, 16.5k volume (lower than I like). Resistance overhead were at least 3-4$ above current price action and already trading above daily average at the open. Washed in the open but got rebought back up.
Entry:
VWAP @ 2.4 (Filled at 2.45)
Stop/Risk:
2.35, 10 cents also at 9EMA
Enter at VWAP and sell 1/2 at HOD, ride rest and move stop to breakeven.
Summary:
I ran into the Ross/FOUS dilemna which I know screws me up currently due to being ambigous. Ross entered AFTER a 1min pullback from the rebuying spike. I am playing with a mixture of the 2 strategies and entered at VWAP. Got scared out prior to my stop for 5cent loss, seconds later it spiked 35cents.
Problem #1:
On non-gap and go's, I can prolly set the limit order to 2-3cents above where I want to enter and not 5cents.
Problem #2:
Main Ross/Fous Dilemna: Ross will buy high and sell higher. Fous will buy at support and sell into spike. I'm stuck in between and this causes me to overthink.
Problem #3:
Because of Problem #2 and although I set my risk at 2.35. I got scared out before it hit my stop which sucked because it spiked a few seconds just after I sold..
Problem #4: Didn't even notice where the EMA's were at. On non-gap and go's, I NEED to remember to look at how far the EMA is at to see how extended it currently is.
Problem #5: I'm running on 4hrs sleep, this was calculated and an accepted risk though. Still adjusting my sleep routines and was a little anxious/excited to be at the market open for the first time this week.
Learning Lessons:
The 10cent stop just happened to fall on the EMA, I didn't see that until after selling. I treated this like a gap and go instead of relying on where my support levels were at. Slow down more next time and analyze the risk better and stick to the stop for now and not rely on post entry intuition (it's affected by emotion atm). A 3-1-5 on pullbacks would be a good idea to implement prior to trade entry.
