Frame of Mind: Clear
Saw WB on my scanner, big news on it and it was already trading 10M shares pre-market.
I thought the pre-market shares were already high. When I saw the 5min reversal candle and the confirmation following it, I waited for it to pull back to 25.50 before I went long. It was very important that I waited, had i not i wouldn’t have successfully traded this.
It went up to .83 but I didn’t take it, wary of being left behind, my target was at least 26.00. It then went down, I added another 100sh at .20, ready to cut at 25.00. Fortunately I calculated a good support, it then went up back to a high .88, my offer was at .90 (FUCK!!) and what looked like program buying on the TAS. Weird 4 digit lots on the upticks. I took half at .60, still retaining bullish bias, then traded some more of the range as I had expected it to range after it was thrown back down from .88.
The opening was crazier, volume was much more than pre-market and the stock chopped from .20 to .80. I was up $100 and I decided to stop trading for a while. 5 minutes later the stock has melted down to .18 I was very surprised I thought it was the best deal! Bought at .18 set my cut at .00, alas it went to .00.
Got chopped some more below .00 and lost some on CC.
What I did right:
Patiently waited for the pullback on my first WB trade.
What I did wrong: