I have been trading this and have recently booked great profits off of this. It probably runs much higher but risk management has me out for the time being. I would like to reflect on recent price action as a study.
Trading inside the bull flag was fine, I was fortunate to buy low and sell high a few times.
But, the BIG TRADE was always the breakout, with no idea when or if it would actually happen. But due to strong fundamentals, likely to happen eventually.
Important clues began showing leading up to the event:
1) A shakeout near EOD on high volume. It was scary, maybe impossible, to sit through if one had a very heavy or leveraged position. I had a light position and simply held. This is where position sizing helps no matter how strong the fundamentals. Strong clue that this was indeed just a shakeout was the immediate reversal on the following day.
I sold my light position at the orange arrow because the shakeout spooked me. Perhaps a mistake of nerves, simply overtrading, trying for a retest of support.
2) Next, the primary bull flag pattern had a 157-158 trigger. Price ran through it on high volume (no gap). I must admit, I FOMO'd in here at the green arrow. A potential mistake but I just decided to hold unless the 157 trigger was lost. Fortunately, it close above the trigger and I held the position.
3) Got a breakout to ATH with volume which was a very position sign. Close above was very positive and an opportunity to add to the position. I just held.
The red arrows are where I sold, probably early and a mistake. I think we may be able to see a backtest of this breakout. If so, I will be buying. But it is very very possible that this rockets off without me. My primary sticking point is currently selling too early and/or overtrading.
Trading inside the bull flag was fine, I was fortunate to buy low and sell high a few times.
But, the BIG TRADE was always the breakout, with no idea when or if it would actually happen. But due to strong fundamentals, likely to happen eventually.
Important clues began showing leading up to the event:
1) A shakeout near EOD on high volume. It was scary, maybe impossible, to sit through if one had a very heavy or leveraged position. I had a light position and simply held. This is where position sizing helps no matter how strong the fundamentals. Strong clue that this was indeed just a shakeout was the immediate reversal on the following day.
I sold my light position at the orange arrow because the shakeout spooked me. Perhaps a mistake of nerves, simply overtrading, trying for a retest of support.
2) Next, the primary bull flag pattern had a 157-158 trigger. Price ran through it on high volume (no gap). I must admit, I FOMO'd in here at the green arrow. A potential mistake but I just decided to hold unless the 157 trigger was lost. Fortunately, it close above the trigger and I held the position.
3) Got a breakout to ATH with volume which was a very position sign. Close above was very positive and an opportunity to add to the position. I just held.
The red arrows are where I sold, probably early and a mistake. I think we may be able to see a backtest of this breakout. If so, I will be buying. But it is very very possible that this rockets off without me. My primary sticking point is currently selling too early and/or overtrading.