This trade sucked and I'm trying to learn from it. I bought in because I saw it holding a key level. However, each bar was ranging over .50c, and I bought it at the top of the range. It then QUICKLY broke the level and knifed out. A bit later I thought it might reverse off of VWAP and I bought in again. It continued down and I lost again.
I should NEVER buy in at the top of a range when something is ranging. It's probably best to stay out of a play when the price action is ranging that wide (anything over .20) on each bar. It had shown a bullish bar so I bought in. I was WAY over sized. I guess I was confident that it would go the way I thought. Ever other trade I made that day was green, and this was the 4th trade. I also know I should not trade a stock a 2nd time when it knifes hard on me. I should not have felt like the 2nd trade would work, and it didn't, it was just a brief bounce at VWAP on it's way down to the next key level.
