Fully de risked this today hit both PT1 and PT2 , time to add on hourly ...
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After reviewing LABU's historical chart I can kind of determine that adding on hourly using WP setups is possibly not going to work , as when this gets going we often lack the hourly wedge drops for quite some time , so I decided to take an add on 5 min today , trying to concentrate...
Entry on add is based on a bunch of things , on 5 min chart we have a MACD signal and wedge pop , and several legs down , but pullback so far has not taken out any major lows so still respecting the uptrend . On the hourly chart which I was originally waiting on we have a pullback to the 10 EMA and an following was an upside reversal ... so lots of signals for lots of people and that's probably a good thing . I am going to update my new adds to LABU here ..
Position size on individual adds is not to exceed the original position size * this is my risk management incase we see a gap down , will keep me from getting oversized ...
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Buy 2 - 8/8/2022 ( 5 min TF )
Entry - 12.33 , Postion size same as primary buy * Stop - 11.67 PT 1 - 12.98 , sell half and stop up to half risk .
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Buy 2 Stopped out ..
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BUY 3 - Small super tiny add less than 1/3 of original size here in after market
In at 11.47 PT - 12.15 , sell half , stop up to half
We had three legs down on hourly today and I just couldn't resist but hourly wedge pop on final candle was not held so just kept it very very tiny , not a proper ideal wedge pop close buy but I still think we are oversold and that a gap up or move up at the open is not unlikely .
Also an hourly wedge pop on open ( based on close ) will get me to take Buy 4 ... So I will be watching tomorrow ..
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Buy 3 - Sold half on gap up , stop up to half , will look to add more shares on close of first hourly candle too ..
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8/10/2022 , near open .. Buy 4 - small incremental add at 11.88, PT 1 - 12.27, sell half , stop up Stop - 11.66
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8/10/2022 Buy 5 - Hourly close wedge pop , added the rest of a position , still have full risk on BUY 4*
In addition made a tiny buy near open and was immediately stopped that was BUY 9
Then I made a buy based on potential range support . Still in that one and working at a de risk . If it gets stopped out that will be a major lower low on hourly by my standards and I will get less aggressive . I know I have been getting my butt kicked here on these adds but that is where things could go the other way too and once we de risk , we have 0.25R profit if we are stopped out after that , which is the case for Buy 6, 5, 4 ,3 . In addition , we are sizing extremely conservatively so that these are pretty insignificant loses . Hourly wedge pops I will probably be taking a full position if trending but lots of these have been gut feeling trades rather and I make a point out of taking extremely small positions on them . So anyways , personally I still think LABU has huge potential but is beginning to show signs that we might be setting up for a hourly downtrend here ....
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BUY 10 - Range support on hourly ( inc add )
Entry 11.35 Stop -11.98 PT - 11.72
* If this one fails I will probably change my short term outlook on LABU but if it succeeds I will be looking to add the rest of a position on close of hourly WP .
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Ok so BUY 10 , just stopped out too , time to get defensive , only adds will be hourly WP's from this point out since trend is no longer valid we are making new lows ...
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only new adds will be hourly WP's but also , we I will exit core buy with a close below the 21 ema on daily too , which I see we are getting closer to .. have already lost the daily 10 ema today ...
@sema66, yep still in and de risked , for 2022 , I post all my trades on TV, so if I was out it I would update the position to say so , looking to add now ...time to try to concentrate and will be watching the hourly for that ..