Plan The Trade
Last Friday was my #67 paper trade, and I went with HIMS. I’m thinking the daily chat is likely to stay on the rise, as long as the market sentiment stays good after it opens. From the intraday support and resistance, I noticed it is between $55 and $56. I planned my order based on an entry price of $55.07, with a stop loss at $54.77 and target profit at $55.79, and the reward/risk was still good with 2.4:1.
Trade The Plan
After market open for 15 mins, QQQ is still holding well above its intraday support. And in the shorter time frame of HIMS, I can see some good bullish volumes before its pullback.I place the order based on the final candle’s action. Eventually it hit the target profit.
Trade Review
The only thing I overlooked was the 10 am ISM Services PMI announcement. Normally, I will only transmit orders after any important economic announcement. During my intraday tutorial with the trainer from Beyond Insights, I recall him mentioning that there are occasions when I can still engage in trading prior to an announcement. I think he means as long as it is not too close to the announcement time, so the price action can still move for a while. I’m keen on this trade since the space from my entry price to where I want to profit isn’t big. If I spot a good entry and the market vibes are positive, I will definitely go for it.
The market became bearish after 10 pm, breaking intraday support. I plan to short QQQ when it rises to the resistance line. If I see a bearish reversal pattern, I will take action.So yeah, that shooting star looked promising at first, but then the next candle just plummeted below my target entry point. I feel that for shorting, maybe the entry price cannot be too near the resistance.
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