FNSR - GAP DOWN EARNINGS

DAILY

1 MIN

WHAT I DID RIGHT:

• Today I focused on playing the levels and letting price action show it's direction and then REACT to it.
• I did that by being clear with levels. For a new uptrend to take place, it must be able to take out the last high of the downtrend. I waited for price to get through such an important level, then reacted/bought the pullbacks and letting the market take me to a new higher high and higher low.
• The OPENING DRIVE PLAY was such a case. I had waited for price to clear the morning high and then buying the first pullback. From the price action I could feel that the wind was behind my back.
• STOP LOSS was 20 cents away which was below the point of breakout out of the last lower high right before the break of downtrend.
• I had sold by FEEDING to the upward momentum.

WHAT I DID WRONG:

• I was being too TIMID with letting the winner run. GIVE IT A CHANCE TO SET A HIGHER LOW AND ESTABLISH A NEW TRENDLINE!
• The reason of getting out too soon was: I had a small position and didn't want to scale out and pay more commission. I was worried about LOSING THE PROFITS that I've made.
• 40 cents to 20 cents is 2:1. Should have scaled out 1/2 and the let rest run. Would have made almost 200 and not 80 on the trade if I had let the other half run. THINK ABOUT IT.
• I was being too TIMID on capital risked. THIS IS A STOCK IN PLAY! WHICH IS BASED ON MOMENTUM. YOU NEED TO HAVE MORE SIZE! Should have had 400 shares and not 200. Should have allowed to risk 100 and not 50. would have made 350 to 400. on the opening drive alone.
• BIGGER SIZE ON OPENING DRIVE when VOLUME and MOMENTUM are the greatest. USE LESSER SIZE / SCALE IN WITH LESSER SIZE ON REVERSAL PLAYS like the 2nd entry.