White arrows are entries followed by exits.
RENN: I saw that this chart was overextended and was looking to short it. It set up similar to the way ACRX did with failed follow through momentum and then a retest of its prior support. I shorted after it retested and it looked it wash 20 cents or so. However, it ended up just being a higher low and going up, which caused me to cover my shares but I only got a partial fill and had to send in multiple orders (even one for 2 shares since I got filled up to 52 shares and only did the order for 50 shares by accident). That cost me extra commission unfortunately. My risk was to 3.80 over/under but I covered it a little early since I saw it was just a higher low instead. It ended up doing nothing the rest of the day anyway and it held those 3.75s.
Things to work on:
1. Nothing really to work on I think. If I had waited a bit I would have seen that instead of a lower high, it might have been a higher low. But that is all in hindsight since it looked like it was ready to fade off with the failed retest and over extension on the daily. One thing that did concern me though was the huge volume that came in that barely caused the stock to drop. Those are usually the LODs for a stock.
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