Here's another one that I recently traded. Wasn't able to maximize profits on it but going to use this experience to improve my strategy further
$ENVX is the name of the trade.
The marked area is where I entered the stock, $24.50 back in October 25, 2021, when volatility died down.
Initially, was using the 10 day EMA as my trail profit with a target selling of $40 - $50. Where did I get my target? Just something I made up. Should have done a more conservative approach to setting targets which I will mention in a few.
From there, I moved up my trail profit to the 5 day EMA when the gap up happened, Nov 9, 2021, thinking that the gap should have held if it's actually strong. Well, it wasn't able to hold up and I got stopped out at $30.20
Zooming out of the chart, the better profit target strategy was using the range of the cup ($8) and applying that range on top of the entry point ($24.50) which will give you $32.50ish
Everything's hindsight anyway but will apply this learning to my strategy down the line
Hope you learned a thing or two.
Thanks and good luck out there!
$ENVX is the name of the trade.
The marked area is where I entered the stock, $24.50 back in October 25, 2021, when volatility died down.
Initially, was using the 10 day EMA as my trail profit with a target selling of $40 - $50. Where did I get my target? Just something I made up. Should have done a more conservative approach to setting targets which I will mention in a few.
From there, I moved up my trail profit to the 5 day EMA when the gap up happened, Nov 9, 2021, thinking that the gap should have held if it's actually strong. Well, it wasn't able to hold up and I got stopped out at $30.20
Zooming out of the chart, the better profit target strategy was using the range of the cup ($8) and applying that range on top of the entry point ($24.50) which will give you $32.50ish
Everything's hindsight anyway but will apply this learning to my strategy down the line
Hope you learned a thing or two.
Thanks and good luck out there!