Recent IPOs and speculative names, such as $BYND and $UBER, have been gaining some attention these past few day. Other than being a speculative name, $DT has an amazing long setup. Recently $DT broke out of it's flag pattern and made new highs for the first time since it's IPO release. $DT pulled back into the breakout area and held with a beautiful Hammer Candlestick. When I saw this pattern yesterday, I wanted to enter long, however the R:R at the time was not favorable. Today I got another opportunity to enter with a good R:R as $DT pulled back. I entered long at 27.75 with a stop loss below the hammer at 26.50. My target on the trade is 32.00.
Although I expect $DT to make a higher low on the 30m chart, I do suspect $DT to retest the breakout area again before taking off. Going to be patient with this one.
Although I expect $DT to make a higher low on the 30m chart, I do suspect $DT to retest the breakout area again before taking off. Going to be patient with this one.
Comment:
Moved up stop loss to 27.10. Trade seems to be working. Expecting new highs this week.
Comment:
DT is having a hard time staying above the 27.25 support level. After failing to hold new highs, DT flirted with support multiple times. Daily Chart looks to be forming an inside day following a bearish engulfing candlestick. Going to respect my 27.10 stop loss, however if DT breaks and holds below support I am thinking about a Contrarian Short Play at the failure.
Trade closed manually:
Exited this trade manually on 1/15/2020 but forgot to update my journal. I was debating on 1/15/2020 if I should exit this trade without it hitting my stop and I did. The reason was that even if DT recovers, the bullish pattern has already been invalidated and I thought DT is just going to chop sideways for the time being. This ended up being the case. This is a lesson of exactly what I should be doing when controlling time as well as price.