Today I had a perfect read on CANF and knew it would be crowded going into today when all the Twitter traders were looking to make a big trade on the name. Unfortunately, even after having a perfect read on it and knowing it would be crowded, I didn't pull the trigger. I still have no confidence when it comes to place the trade, even though I have been getting much better at calling plays. I caught the trend change when it was still at $4.2 and had an order ready but never pulled the trigger. Again, I didn't see anybody talking about and even saying to myself internally "I've seen this before and this is going to squeeze" I didn't pull the trigger. I thought to myself if no one on twitter is talking about it squeezing, then why would I be right? This is probably a stuff knowing my luck and I just buy into it and got slammed. Anyway, even though I missed a nice trade yet again I am becoming slightly more assured in my abilities to actually get a correct thesis for a trade. I know I keep saying this but one day I'll be able to take advantage of all the things I've learned. One day.
CANF: I came back home around 10:30 and had an eye on it since it was hadn't broken down yet. I saw it had reclaimed 4 and was interested in a long. It washed out to under $4 but never really peaked there but at the time I thought there was no long trade to make. However, it reclaimed again and I thought this looked like a nice dip and rip. I drew a downtrend line and made a plan to buy on a strength with $4 over/under as risk and I would add if it broke the downtrend line as that would be some added confirmation. The downtrend line also coincided with the 50% range marker (50% of the range the stock traded for today). So if it crossed back past the 50% mark and it is past 11AM, it has a high chance of going higher. Had I done exactly that I would have banked. Anyway, on to the next trade and I would have sold in the $5s anyway since it looked like it stuffed before consolidating and going higher. The arrow is where I was thinking of going long.
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