this was the best response so far I will add this to my reviews before entering and staying in a trade thank you
%% $8 risk $24 goal, charts + discretion...…………………………………………………………………………………………….[Edit would I enter after a hug gap up- maybe not this time of year,LOL]
use Bookmap to know where are the big buyers and sellers are, so you could decide if there is an absorption of the aggressors and shift in the trend or not, and in the contrary aspect it can help you timing your entries.
wrbtrader this is where I got stopped out again. I bought 1,000 shares at $8.56.. it went up and than dropped to $6.84 a share where I got shaken out. i sold for a loss and than it shot up to $13 a share.. i know I'm not supposed to look at my daily gain and loss for the day but hen its bouncing off its 20 day moving average and i say a $1500 loss I sold to stop the bleeding. I know the overall market was up today but its been extremely volital and this particular stock is in a downtrend. volume was going down on the daily so i believed ( and was clearly wrong) to sell. the ATR was 2.76 which i didn't realize until after but would you have even played this? it was up in % today and volume and thought it was a good day trade candidate. Tell me how I did it wrong so I can learn! I'm also sure you'll tell me to quit and leave day trading to the professionals, but Ill just keep trying and it would be helpful to learn
Assume you're posting this as an example of the original issue you mentioned? If so: Very tough if you entered on that 5' pullback buy setup -- triggered by a penny... and then it proceeded to not follow thru, but instead, wick down thru your stop below the trigger bar's low and shake you out... and only then proceed to go in the desired direction. If that's what happened, and *in perfect hindsight* (but actually elements of my own plan, at least), maybe consider the following: 1. The nature of the stock. MTC is extremely whippy/spready -- I'm seeing 15-40 cent spreads in it currently, on a $2 to $13+ (today!) stock. 2. There doesn't appear to be any obvious, significant support to the left on that pullback. The MAs looks fine imo, though. But for the highest degree of confidence, consider requiring both potential S/R to left and desired MA criteria (plus whatever else you use) to take that entry... and/or in conjunction, at least, give the stock much more wiggle room on your stop. It's not uncommon for "them" to take out the whole no. in situations like that, especially in such a whippy stock. (Edit: Ah, didn't see your follow-up post until now. So I was looking at a different setup. But maybe some of what I mentioned still may apply. Not sure I'm seeing your setup.)
Please consider my post from Saturday. It looks like you did almost everything I kinda cautioned against. Your entry: 1. Was far away from the controlling MA. 2. Came after a number of GBs -- e.g., possibly short-term "extended". 3. Came shortly after a fairly large GB with exceptionally high volume -- i.e., suggests possible exhaustion, possibly the end of that micro-trend/leg you were playing rather than the beginning. On top of that -- you entered right into a general area of some potential daily supply (trapped longs from yesterday's initial gap up)/resistance... and look how far today's daily bar had come at that point. It essentially had completely reversed the yesterday's huge WR red bar. That's expecting a lot -- for the stock to come all that way into potential resistance with just a brief "correction" in time (only a few bars) and/or price (shallow pullback)... and then continue powering higher. It definitely coulda happened... but the odds are probably higher that it first corrects more than what that brief, shallow pullback provided. (Edit/P.S. And again, per prior post today -- super whippy stock, no apparent support to left.)