Trade Journal: Long SPCE - 2/4/2020

As TSLA continues it's rampage, there has been a heightened sense of delusion and greed in this recent market. Speculative names have been very spicy lately and SPCE is one of them. SPCE has been pulling back recently but today recovered back at it's all time highs. On the 30m timeframe, SPCE is consolidating right below resistance which is usually a sign of future volatility. It shows buyers are interested at this higher level and sellers are struggling to take back control at this price level. SPCE really looks like it wants to go higher.

Entry - 19.61
Stop Loss - 18.95
Target - 24 to 25

Trade closed: stop reached:

Stopped out SPCE. Big reversal on SPCE.

Comment:

Unfortunately the speculative delusion has been cut short. Greed turns to fear. Looking back, I have no problems with this trade. I do however have a problem on how many new trade I put on yesterday despite the current market conditions. I will probably revisit SPCE in the future as it looks like it's consolidating.