This looks like just a normal .618 retrace. The volume was crazy low today too, only 35 million shares, compared to an average of 106 million. This was not a panic sell. I am in on it now.
And there's the trend based FIB extension.
And there's the trend based FIB extension.
Comment:
Update, looks like a .786 retrace now. Will buy a put as downside protection if necessary.
Trade closed manually:
We had normal trading volume today, so this was a real sell off.
I got stopped out. but this is no longer a normal fib retrace.
Lesson: You don't have to stick with a losing trade.
I don't know where this is going from here, and I might get back in on it long if it reverses back to the upside, but I had to protect my capitol.
I got stopped out. but this is no longer a normal fib retrace.
Lesson: You don't have to stick with a losing trade.
I don't know where this is going from here, and I might get back in on it long if it reverses back to the upside, but I had to protect my capitol.
Trade active:
I am back in. It looks like GME has reached a stable level where it could go back from from now. So I bought back in (also with some downside protection with a cheap put.)
This is not finical advice, just my opinion.
This is not finical advice, just my opinion.
Trade closed manually:
I got out again today. Thank goodness I also had a put (downside protection) on to mitigate my loss.
I may get in long again, if this actually reverses, but until then, I am not touching it again.
I may get in long again, if this actually reverses, but until then, I am not touching it again.
Comment:
Lesson learned, I FOMOED, got in to late, and lost some money off this. Sometimes you can get caught up in the hype. This is why technical and fundamental analysis are important, strategies are important, but the most important things of all are risk management, and discipline.
#IAmNotACat
#IAmNotACat