Sept 29th 2022: $SNTI Morning Trade
Phew! It feels good to be trading again! The past few weeks have felt like agony. Watching the markets everyday and being tempted to trade low-quality setups but having the discipline to preserve my capital instead. It’s no surprise that the markets have been bearish this month with consecutive big down days. Learning when not to trade has been the biggest lesson for me this month. Having said that, although the markets were down today I managed to find a stock that fit my setup to trade, which was $SNTI.
Initially, I saw this stock in pre-market but wasn’t tempted to trade it given that it had fading price action. At the market open, it spiked fast on high volume and consolidated near its opening highs. This intrigued me as it showed some signs of bullish price action but needed more continuation, in my opinion. So I simply waited patiently. Once it consolidated for roughly 15 minutes, this gave me more conviction that the pre-market trend had in fact changed and now bulls were starting to gain control. Once it spiked and pulled back fast from $2, which was close to pre-market resistance, I waited for the stock to pull back enough so the price would be within my risk level and I could justify taking a long position. My mindset going into the trade was to trade quickly and safely given that the overall market was dropping hard today. I then took a long position once the price was favourable for me and I saw a large wall of buyers at $1.93 sitting on the bid. My order got executed quickly and the stock immediately spiked up to $2.02 before I could even blink! I decided to take profits here as my goal was to make 5% on this trade. However, I noticed the stock continued to spike even after my sell, meaning that I was on the right track with my initial thesis. I was a little upset that I sold too soon but I will never complain about taking profits. Overall this was a good trade and taught me to have a great deal of patience before entering a stock.
Onward and upward!
Link to My Trade: https://www.youtube.com/watch?v=Bt1RF9ZUyGU
Disclaimer: My blogs should not be treated as financial advice as I’m not a registered financial broker/planner. My blogs are designed for educational purposes only.