The Sixth: Review

Ticker: YELP

I decided to play because I was an idiot. However, I did wait for more confirmation before foolishly buying in. I need to examine the and think about the full picture even more in order to be more sure. This definitely has something to do with preparedness and homework.

So initially, I wanted to take advantage of a one day emotions swing on Monday. However, thinking about it, it was unwise because it could go down even further. I was just basing my trade off of the last time it did this. I rather not hold overnight and pay a fee and just play fresh in the morning. I think that was a wiser decision. 

I totally forgot about the chart being in down completely. It was short biased, but I wanted to long because of how it bounced off the support the previous time. I did not notice the longer term downtrend where could have signaled me to sell out. I couldn't even set up a stop because it was so fast. It would have been a 5 cent loss instead of a 15 cent loss if I had. 

Note: I did not notice the indeterminate bar when I purchased. The first sign on negative, I should have either sold or setup that stop.

Note: I have gotten confused between swinging and daytrading. I really need to sort out this difference and have a good plan. I can't switch in the middle of the trade and hope for anything. I need to remember that if I sell out early, I can always buy in. I need to remember to set stops because stocks can move very fast.

Prediction: This stock is definitely going on my watchlist. Just like before, if the stock doesn't go down on Monday, I think today's bottom will act as support. I will wait for a definite break below today's low to go short for a swing.

Please let me know if you have any comments or opinions. I would like to know if you have spotted any mistakes in my logic.