Summary
I gave the setup a shot and it just didn't work.
Ticker: SUNE
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| The daily chart was nicely set. This gap could have been very nice if it continued because it also broke the previous resistance @ $4.25. |
Note: Take a look at point of interest #1. It is not necessarily a point where I must take my profits, but I think it is a point where I must pay attention. I must see what happens intraday once it reaches this point.
Note: If point of interest #1 acts weak, then it is a good place to take profits. If, it is strong, then I let the play run.
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| I got in @ $4.20 because it broke $4.19 and it kind of looked like a small ABCD with a potential to have a daily breakout as well. I had no real target, so I didn't really know what to look for to get out. I didn't know if the breakout was good or not so I just let it ride. This is the wrong way to do it and just shows why being prepared is so crucial. |
Note: If I had point of interest #1 in mind, there is a good chance I would have gotten out. Since, I wasn't paying attention, I didn't see what I needed to see.
Note: Point of interest #2 was something VinnyB pointed out. This should have been the real support or risk. I seem to have forgotten some of these important concepts. I need to think about adjusting my strategies to trade better.
I think it's time to review.
See something I did wrong today? Let me know by commenting below.
