ACMR is a volatile and speculative stock that has been in a tight consolidation for the last month. Yesterday, ACMR looked like it was taking off and I missed the entry, however today ACMR reversed but bounced off the previous breakout area. Since ACMR retested the breakout area, I went long this retracement.
Entry - 39.49
Stop Loss - 36.95
Target - 50.00
In hindsight, my risk should have been smaller on this trade. My recent performance has showed I have a lot of losses when it comes to pullback trades. Furthermore, the breakout trendline I drew is not really clean - only 2 touches. Finally, the current reversal is on high volume which is an indication of weakness. We shall see.
Entry - 39.49
Stop Loss - 36.95
Target - 50.00
In hindsight, my risk should have been smaller on this trade. My recent performance has showed I have a lot of losses when it comes to pullback trades. Furthermore, the breakout trendline I drew is not really clean - only 2 touches. Finally, the current reversal is on high volume which is an indication of weakness. We shall see.
Trade closed: stop reached
Stopped out at 38.41 after moving stop below the key 38.50 level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.