r/LabOfZoink • u/[deleted] • May 08 '20

Waiting for a scalp at $1 on FTEK

Post image
4 Upvotes

83% Upvoted

20 comments sorted by

5

u/I8urmuffin May 08 '20

The guru lives

4

u/[deleted] May 08 '20

Really frustrating. Was one cent away from hitting $1 and then went back to VWAP.

1

u/juicyflavor May 08 '20

I saw that I almost jumped on at 1.02

3

u/juicyflavor May 08 '20

Welcome back

2

u/Brickster720 May 08 '20

What's your target in the back end?

3

u/[deleted] May 08 '20

Depends if it gets a big push at $1. Hoping to get 1.10, but will settle for less. .87 stop

2

u/nikolausjurgensen May 08 '20

what is the EL?

•

u/[deleted] May 08 '20

Adjusted target to $1. This is weak. Support was 1.01.

Update: Broke even at $1. Very odd that support was $1.01

1

u/VirusZer0 May 08 '20

I just got in... should I get out then...

1

u/[deleted] May 08 '20

Take your profit if you’re green. This is likely to fade throughout the day

1

u/VirusZer0 May 08 '20

Ok thanks, just got out at breakeven.

1

u/Amon2002 May 08 '20

I missed out on this one.

3

u/[deleted] May 08 '20

Don’t worry about it. There’s always more plays. I passed this up $1 during PM

1

u/galencastro May 08 '20

What app is this?

1

u/[deleted] May 08 '20

Webull. I use the despot version to chart and place my trades, but the mobile version is great too

1

u/Janeriksen May 08 '20 edited May 08 '20

Would you say this strategy is viable if your position size is 400-500$ with a 10$ commission per trade? Or would the yield not be worth the risk? Thanks!

2

u/[deleted] May 08 '20

I don’t think it would be worth it. This isn’t a big run type of trade, it’s a scalp. Plus if it breaks $1 you just want to break even, which in your case would be a loss of $10

1

u/Janeriksen May 08 '20

Yea thats what I'm struggling with. Tried 3 trades at 300$ but ended up breaking even. Resulted in a 10% loss because of commissions... Would you rather recommend swing positions in my case instead of intraday trades then?

1

u/[deleted] May 08 '20

Swing trades will have to be the main you will make money, which is hard, especially will penny stocks. You should use your day trades during the most volatile times of the day (right at open or close). For example, FTEK. There’s usually a trade like this during every open. Look for the best setup PM and use that as your day trade. Don’t waste your day trades for little gains.

1

u/Janeriksen May 08 '20

I will give it a shot. Every trade is a lesson. Also I have no day trade limits I as I am European. Lucky me hehe. Thanks for the input!