(06/24/22) -$52.81 — $TBLT

Moral of the Day: Stick to your patterns
Profit/Loss: -$52.81

Got a little trigger happy with it being “short squeeze Friday” and thought that $TBLT would just work for me no matter what. Need to work on being patient and waiting for my setup and my setup only to come along.

$TBLT

Play: Short Squeeze
Float: 1.01M
News: None
P/L: -$52.81

Pros:

• Low float
• Crappy chart, so potentially a lot of short interest
• Nice premarket action
• Huge volume

Cons:

• Crappy chart
• Big gap, may be to overextended
• No news
• Active S-3 with roughly $50m left (just looked that up right now. *Facepalm*)

I play breakouts. It’s what I do.

Drawing a line on the resistance level of $4 DOES NOT MAKE IT A BREAKOUT LEVEL.

It’s still a resistance level.

But since I was all “short squeeze Friday!” happy and with it being such a low float, I figured I could just hop myself into the stock when it pulled back off that fake breakout level of $4 and expected it to soar!

Wrong.

Serves me right.

A little frustrated at my lack of discipline, since I’ve been doing so good this entire week. Gave back $50 for no reason.

Moral of the Trade: Don’t expect low floats to squeeze just because they're low floats and it’s a Friday. Play your patterns only. It’s what you’re good at.