$RYTM
07/13/2022 08:39 amSHORTProfit: $0.45/share
RYTM made a big move yesterday without any real significant pullback. It basically made a 4xATR move so I figured a pullback would be likely the following day. It grinded up to 7 and broke 7 on the opening drive but did not make an explosive move are that, which perhaps indicated that there was not going to be a big squeeze from yesterday shorts. With decreasing RSI and increasing price action, I theorized a retracement was going to occur after the test/move to 7. I got an entry near 6.9 and then added just below and just above 7. Could have done a better job to get a position near 7. Once it broke down and reach 6.50, I set a trailing stop for the whole size to lock in profit.
Shares: 0-5milCatalyst: ContinuationATR: 0.50 - 1.00Time Frame: 1 Minute
Continuation PlayOpening Drive
Entry Above VWAPRSI >= 70Increasing Price ActionDecreasing RSI
Exit Below VWAPTrailing Stop