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Long with smaller than normal size, holding swing for a bigger move, didn't happen in the time I was expecting. Will re-enter if it gets above a key level. Stock has all the right ingredients for a supernova.
I now have a repeatable pattern to play off of, bull flag with a W shaped consolidation in the flag. Flag forms a head and shoulders pattern but does not complete the right shoulder, drawing in shorts and leading to a short squeeze. The pattern appears intraday as well as on larger time frames. Look for a stock that has been beat down hard recently or, like this case, has been in a down trend since IPO. Seems like this happens at an RSI of 48ish on a 1 hour chart.
Got out when it didn't break out on the right side of the W consolidation, stock blew up soon after. Learned a good lesson today, I have a pattern to play off of for supernova breakouts.
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