Made a few trades today for net gain of $47. It was a tough day but I live to fight another day.
I will focus on my losing trade because this was a “teachable moment”.
ACST pm 2k shares @1.65 stopped out for -$500 loss. I have traded this pig a few times this year with small gains or small losses. No more on this one! Shortly after giving up vwap, it hit my stop. Not really much else to say.
The strategy that led to trade: daily chart revealed above avg volume yesterday. Resistance before open was 50 sma @1.47. Pre-market range with ~500k volume was 1.50-1.80. I felt strongly that the next resistance was 100sma @ 1.95 or whole number 2.00.
Hindsight: wait until 10am when the “smart money” begins to drive pps. On the intraday, if you look at 10 am, there is a distinct change in momentum.
Updated 5K balance