Fun fast moving spike on a crypto PR play. This was a Tim alert, which I have a rule to never follow but crypto plays have been huge gainers so decided to jump in. I started putting in sell orders immediately after my entry. Top ticked the spike with one of my sell orders for 1k shares.
| Date | Price | |
|---|---|---|
| Entry | 1/10/2018 | 0.739 |
| Exit | 1/10/2018 | 1.0144 |
i realised the pattern late today after Tim sold, but saw the same pattern in TAPM which I was prepared for even though I only entered 1k when I was thinking 4k, it happens so fast that these thing happen until you get used to it. got a little out of it but so proud that i played it right.
Hi John, I know you said you just decided to jump in this play, just curious where you set your stop loss risk level at? Thanks
@Zaleucus They do happen fast. I had about two minutes where I could have entered in the .50s but I hesitated for the first minute debating if I really wanted to play something that Tim alerted. Then I spent time deciding which brokerage account to use and by that time, it started spiking and I just jumped in without calculating position size based on risk as I normally do. Otherwise I would have went 2 - 3 times bigger. On hot sector plays like this you really need to be able to think quick.
@jestrade81 This moved so quick I didn't have time to find a support level to risk off of. It had already started spiking when I got in so I was basically risking off of my entry. This is why I started selling as fast as I could. By the time I had entered in my first sell order I was already up 20 cents or so. And if it had gone against me, that first sell order would have been for my whole position to get out right away.
Sounds like you just jumped on Mr. Toads wild ride. I think your thought of selling as you got in was a good choice. Congrats on the win. Thanks
