ACMR is a volatile and speculative stock that has been in a tight consolidation for the last month. Yesterday, ACMR looked like it was taking off and I missed the entry, however today ACMR reversed but bounced off the previous breakout area. Since ACMR retested the breakout area, I went long this retracement.
Entry - 39.49
Stop Loss - 36.95
Target - 50.00
In hindsight, my risk should have been smaller on this trade. My recent performance has showed I have a lot of losses when it comes to pullback trades. Furthermore, the breakout trendline I drew is not really clean - only 2 touches. Finally, the current reversal is on high volume which is an indication of weakness. We shall see.
Entry - 39.49
Stop Loss - 36.95
Target - 50.00
In hindsight, my risk should have been smaller on this trade. My recent performance has showed I have a lot of losses when it comes to pullback trades. Furthermore, the breakout trendline I drew is not really clean - only 2 touches. Finally, the current reversal is on high volume which is an indication of weakness. We shall see.
Trade closed: stop reached:
Stopped out at 38.41 after moving stop below the key 38.50 level.