My entry into $NVCN was at $1.06, with 800 shares and a plan. The stock closed at $1.42 today, but yet I only have a $4 profit......and I shall explain. NVCN was basically the only stock on my watchlist for 12/5/16. I did the whole 9 yards: analyze the news, technicals, support/resistance, market outlook, yada yada yada. I am so frickin busy at work when I have more than one stock to watch, it feels like trying to count the stars while spinning in circles. So I watched NVCN like a hawk. Pre-market it was holding support at 0.80 and then hanging around the mid 0.90's. I actually had Plan A and Plan B for this stock. Plan A was to enter if it dipped to back to 0.80 support area, with a tight stop loss around there, and sell in the mid 0.90's. Plan B was if it broke 1.00, I would enter around 1.0-1.05 and sell in the mid 1.10's or at 1.20. Shortly after the market opened Plan A was out the door, huge volume was coming in, share price was gradually testing 1.00. So I was like okay Plan B lets go, no pun intended. I wanted to wait a little when it did break 1.00 to see if it can actually keep moving higher, I've been burned too many times jumping in as soon as it breaks and it falls back down and I panic and sell. Today I can say I was cool, calm, and collect. Watching like a lion watches his prey! Sure enough it hit around 1.05 and dipped back down to the 0.98 area. I felt relieved I didn't jump in. I felt even better when it came back up and hit 1.07, then 1.08, and then 1.12! I still didn't enter! I wasn't about to jump in at a top and lose my money like always. So I waited, very well knowing this time 1.00 just became support! I can't remember if it hit 1.17 and then retraced back to 1.06 or it went to 1.06 from 1.12, either way I jumped in at 1.06 with my shares and a stop on quote order. Just as predicted it went up to 1.17, but didn't want to sell because I had a damn feeling this thing could test resistance at 1.25 atleast! I ended up putting a stop on quote order at 1.09 ( Which was really dumb since that price wasn't significant). I'm at work mind you, so I can't be completely glued to my phone especially in my profession, so I took my eye off for a second thinking to myself: " You know what, I should change my stop order to 1.00 and risk 6 cents, I just know it wont even get that low, but if it does my shares will sell." Next thing I know....alert goes off saying my sell order was executed. Actually kind of funny because I kind of let out a "F***!", and my supervisor looked at me like wtf lol. Anyway it is what it is. I've learned that you can kick yourself in the foot for missing an opportunity like this, or you can just say hey theres ALWAYS another one. I'm actually more happy I was somewhat able to predict the price action on this stock like I never have before. This is what happens when you fricking live and breathe for this shit! Been studying since 2014 (I'm a slow learner), and I can finally say its starting to click!
Categories
Trading Mistakes
Tickers
$NVCN
Received 2 Karmas
After its profiting set a stop loss.
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