BILI, another volatile/speculative name, has attained new all time highs last week and was consolidating in a flag pattern. Within this flag pattern, an inside day formed similar to price action I wanted to see during a coiled spring setup. In a coiled spring setup, I want to get long in the smallest range day in the last 7 days. I went long BILI yesterday due to this pattern and the possibility of an explosion to the upside.
Long - 22.89
Stop loss - 21.98
Target 1 - 25
Target 2 - 28
Long - 22.89
Stop loss - 21.98
Target 1 - 25
Target 2 - 28
Trade closed: stop reached:
Unfortunately, BILI gapped down and I got stopped out. BILI's pattern got invalidated at the end of day yesterday and it looked like the next move was down for BILI. I will keep this stock on watch incase a new setup arises.