I continued to perform intraday trading on AMD. This time I make some mistakes at the early market session. However, the trend went my direction and I was able to close the position with smaller profit.
On 2-Apr-2020, I started to monitor candlestick movement of AMD. As I did not know which way stock price going, so I will only enter market after first hour of market openning.
10:53am: I entered the market with STO USD44.20 after a bearish candle went below previous support and I used the high of this candle as resistance. Obviously this was not a good entry point as this candle was not relatively long and the volume was relatively low. Two minutes later stock price went up but I was hoping (<- that is a mistake) it will come down.
11:04am: I had to cut loss at USD44.67 BTC after seeing trend went up.
11:06am: As I saw trend continue moving up, I tried to long the stock with BTO at USD44.73. I used the low of this candle as support.
11:26am: After seeing continuous bearish candles I closed the position with STC at USD44.72 to prevent further losses. But stock price went up after that.
12:20pm: This round, I waited until two long high volume bearish candles as well as three MA lines aligned in a downtrend direction. I entered with STO at USD44.76 when the candle broke previous support. As usual, use the high of this candle as resistance.
12:21am to 1:27pm: Stock price moved lower and sometimes sideways. I used the high of large volume candles as resistance.
1:28pm: Hammer candle with extra large volume that might be trend reversal signal. Prepared to exit anytime.
1:42pm: I closed position with a BTC at USD43.82 after stock price moved above previous resistance. Done for the day.
P/L: USD44.20 - 44.67 - 44.73 + 44.72 + 44.76 - 43.82 = 0.46 (USD46.00 for 100 shares).