April 11,2018: I exited LEDS today after a few months of drawdown from NOT following my intraday trading rules and then NOT cutting my losses quickly. Fortunately, this stock made a nice bounce before ER was released.
$LEDS was trending up nicely in pre-market (PM) today based on a strong technical pop that started to form around 1400 on 10 April. This morning she ran hard in PM and effortlessly crossed above $7.
I’ve had a good till close (GTC) sell order placed at $6.50 for months but I moved that up to $7.49 based on the PM price action. However, once the market opened and the volume came in strong I moved my sell price up to $8. Unfortunately for me I wasn’t fast enough. The price action was just too fast in $LEDS and my resting order at $7.49 had already filled.
Ultimately, this was a best case scenario. Sure I made money on $LEDS but breaking my technical trading rules on my entry makes this an overall bad trade for me.
Stephen
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