Some times we have to learn the hard way!  

I waited for MOSY to dip back to near $1.60 this afternoon at 3pm looking for it to have another run towards it's High of day $1.95 range.  Thinking that I would take a bigger position then normal knowing that I felt fairly comfortable with cutting losses if support at $1.60 didn't hold up.  Well not only did $1.60 support fail it SHOT down to $1.45 before I could even blink an eye!  I sold cutting my losses because I couldn't handle the stress thinking about a bigger loss with an over night hold hoping for it to bounce back and looking at the long term chart it always fails it's one day spike.

 

After breaking down my trade and studying the chart a bit closer I see a few big indicators of WHY this failed to test the HOD again this afternoon.  Refer to my notes and lines on the attached picture in my trade post.

1- The volume was way to low this late in the afternoon

2- This ticker has a history of spiking day one and failing.

3- What was the big difference between the morning push to HOD off it's low and this failed afternoon push to highs that eventually led to my loss?

   - I should have recognized that even though the bottom half of the trend line was making higher lows it stopped that trend at 3pm where I bought and from there the downward trend was a clear enough sign for me to exit this trade.

   - The other 2 clear signs were low volume and on my RSI chart at the bottom it was clear as day that the trend downwards had started from the last big push to highs at 2:15pm

OH and it was already up 135% on the day!

Lesson learned!

If anyone has feed back to add to this lesson please do so for my own learning.

Thank you