TBLT REVERSAL!
I was watching TBLT since pre market open for about 20 min and was expecting to take a trade on it. It broke the first level of support at $7 as soon as market opened and then it was a watching game to see where it would find support. Every minute it kept dropping and every volume bar was red. There was a volume bar of indecision right around $7 but it broke that level. As it kept dropping I had a limit order in place to take a trade but was only going to submit it if I saw a potential reversal. Six minutes into the open I saw a green volume bar and what looked like to be a hammer forming on the chart. Volume started to fade and that seemed to be the sign of the reversal. I waited one more minute to see that it would hold that level and at the exact same time I was watching SNTI and split second decision I decided to enter SNTI instead because of how fast it dropped to support. That entry was also very on point but the stock broke support and I got stopped out as TBLT was reversing. I was so mad! Lol Both stocks had great moves throughout the day but SNTI spiked up later on in the afternoon. I lost $48 on the trade which was not terrible because I sized up on the shares from 500 to 1000. Also that trade was not just a random trade, I considered an entry at that price point of $2.17 on SNTI way before it even pulled back. What I was upset about is the fact that TBLT reversed right when I was about to enter and the stock that I did trade reversed later. I will post screenshots below of the two tickers. The first screen shots are from SNTI & below that is the trade reversal I missed on TBLT.
SNTI
VOLUME 45M / SHARES 43M / MARKET CAP 137M
TBLT
VOLUME 79M / SHARES 2M / MARKET CAP 15M
ILAG & ETON
I was looking at two tickers today. I took a trade on ETON based on what I considered support. I set in a limit order at 3.12 with a 5 cent stop. I was filled the first minute of market open and immediately stopped out. The price broke through support and then found it again at $3. About 14 minutes after the open, ETON started a 25 cent move and then faded the rest of the day. It was the only decent trade that could have been taken on this ticker at this day.
While ILAG had a great spike up from the first minute of market open to about 45 minutes into the day and then started to fade. It was an IPO and I confused it with a secondary offering, which is why I didn’t take the trade on this one. The only entry on this could have been a down tick on the opening range. Every other entry after was chasing because it just shot straight up after with no pullback. The risk on that would be too great.
ETON
ILAG
USEA, TBLT, GOEV, & NEXI
USEA
There were 4 tickers I had on watch today but only traded USEA. I had limit orders on TBLT & NEXI that did not get filled because the price didn’t reach my limit order. Those two stocks in particular along with GOEV would have been trades according to my strategy because of the entry points.
USEA was a low float with a market cap of 9.2M and traded 104M shares by the end of day. It was a first green day after 3 red days. There was some resistance around $7.30 and it looks like it reached a high of $7.39 on the day and then had a lower high and started to fade. I saw what I considered support around $4 based on pre market levels but come market open it didn’t pullback to that price so I didn’t get an entry. It just sorta shot straight up. It then had a pull back about 7 min after market open and there could have been an entry based off VWAP. Then it started to spike again. At this it spiked up and I wanted to get in on the second pullback I saw based off 6.30 support but it broke it. I was definitely chasing the stock at this point. This trade is not according to my strategy at all. My entry should have been after market open on a pull back to support or LOD, but the stock didn’t offer that opportunity. It only offered the opportunity with an entry off VWAP and I didn’t take it.
Since it was so overextended I decided to lower my share size to 200 shares instead of 500 or 1000. I was a bit annoyed that I didn’t get filled on the other two tickers that preformed well. I entered at $6.30. I expected it to drop and get a fill based on a wick breaking support and holding above. It broke support by a wick but the very next minute it broke support with a closed body candle. This was going to be a scalp trade for 50-70 cents based on the volatility of the stock but it broke support so I got out at $6.16 and lost 26$. It was a mental stop loss as well so I am happy with the exit. After my exit, it kept dropping until it finally reversed and set a new high then faded the rest of the day. This would have been an amazing stock to trade if it had a pullback right at market open.
KEY POINTS ON USEA
ENTRY 6.30 / EXIT 6.16
SHARES 200
LOSS $26
MARKET CAP 9.2M / SHARES 1.5M / VOLUME 104M
TBLT
I set a limit order about 15 min after market open, right after I saw it test support and hold it. BUT I didn’t get filled. It just spiked it after. I was expecting a 20 cent move if it held support. Apparently it was a 58 cent move which was amazing. See chart below! I don’t believe it had news on the day and it did have resistance around $3.30 from about 15 days ago. It was just price action.
KEY POINTS ON TBLT
MARKET CAP 5.6M / SHARES 2.1M / VOLUME 21M
BOUNCE OFF SUPPORT
NEXI
I had a limit order that didn’t get filled on this stock because it didn’t reach support. It did have a lower high which could have been an entry or immediately right after. It broke it’s pre market high and then set a lower high and started to fade for the rest of the day.
KEY POINTS ON NEXI
MARKET CAP 42M / SHARES 22M / VOLUME 57M
GOEV
KEY POINTS
MARKET CAP 1152M / SHARES 269M / VOLUME 55M
BMRA Support Entry
BMRA Stock Journal Entry
I was filled with 1K shares on support. It dropped below about 3 cents and I held to see if it will reclaim and reverse. It tried to reverse but it was not very convincing. It had a lower high at which point I sold my entire position into that high. It dropped again and tested support. It bounced off and spiked about 40 cents from the support before breaking the support and fading the rest of the day. There was news on the stock which is why I considered the trade. Walmart signed a general supplier agreement with the company. The stock had volume of 15 million by the end of the day and traded about 4 million come market open.
KEY POINTS
Volume 15M / Shares 12M / Market Cap 42M
ENTRY 3.55
EXIT 3.67
1K SHARES
PROFIT $113
