White arrow is entry followed by exit.
TRIP: I read the news and to me it looked non-significant but that doesn't mean that the stock can't continue ripping. I missed the opening morning parabolic from $82 to $84 in one candle but as I saw the stock trade I noticed nice lower highs. On the next lower high I shorted at $82 with risk to $83 over/under. In hindsight it was a tight stop compared to what it should have been (the premkt highs at $84.3). Right when I entered it spiked to $82.5 and I thought well there goes my account. But it settled back down and dropped lower. I was very patient with it and let it retest and fail at $80 then $79.5 then $79 all the way to $78. I was up a nice amount at that point and I thought it could fade even more the rest of the day. It held $78 twice but I didn't think much of it and thought lower highs were forming and $78 would crack eventually. However, when I thought it was testing and peaking at $79 it went right through it and then $80 came in no time. At this point I am a bit pissed but I am not going to be stubborn or rash and either let it become a loser or take it off at the highs. I decided to be patient for a dip and then I would get it. Unfortunately, any dip came pretty quickly and I didn't get a chance to cover. I put a stop at 80.55 and figured if it triggers then it will keep going up. It triggered and stopped me out for smaller gains but had I held on and been stubborn it would have been a loser. Overall I am happy with how I played it. I didn't cover right away when it started going back but tried to wait for a dip since this isn't some random $3 momo stock that squeezes on air.
Things to work on:
1. Nothing in particular. I think this was overall a good trade even though I didn't get to cover in the $78s.
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