Another small loss today. Was watching $LBIX, another good morning gainer, which is something I've been trying to learn how to catch all this week. I see the ABCD pattern, ascending, and buy in at 2.55 as it looked to stair step up. My risk wasn't solid, 2.45, and I wanted to see 2.85+, but it took a dive around 2.70 and within minutes was at/below 2.45 and didn't look to move. I sold at plan and continued to watch. In retrospect, I was able to see clearly that I violated my primary rule about these: Wait for the first pullback/consolidation before buying in on these. Which was where I sold, as it was consolidating around 2.40-2.45. This is where I needed to buy, with a ~2.20 risk from an earlier dip as support. On the plus side, I am vindicated as it did meet my goal and then some. My paper trade yesterday I did this and succeeded, today I jumped the gun like my other two losers this week.
I think I'm finally going to bite the bullet and subscribe to Silver this week. I need to start watching those videos on morning gainers and.. Earnings winners (it's the beginning of earnings season, y'all!)
I'm very excited, even if I'm a little bummed on my loss. Tuition sucks, but we all have to pay it.
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