$UUUU – Energy Fuels Inc – 2nd Day Play

$UUUU was up big yesterday and I was looking to capture a continuation of the move. It opened above yesterdays HOD and sold of in first 30 minutes before bouncing and basing. I bought my first tier in the first minute at $3.61 to establish a position in case it ran – this was sorta half a FOMO move, and also a reasoned decision.

I picked up my second tier at a shallow pullback target in the 4th minute at $3.50 – which turned out to be too soon as it continued pulling back to $3.25. I put my stop in for one tier just below support at $3.32, which turned out the be solid and didn’t get hit for most of the day.

I still liked the play and was wondering if there’d be continuation again tomorrow, as it consolidated all day and didn’t hit my stop until the very last minute of the day. As it turned out, there was continuation the next day, but I didn’t take profits as I should have. I waited and waited and wondered if it’d continue another day, which it did not. I was moving my stop up each day it advanced, and was eventually stopped out at $3.84 on 8/9 for a small gain.

This was my first attempt at an intraday trade, and it spilled over into a swing trade. Part of the issue was my position was too small to give meaningful gains or losses, and my curiosity outweighed my discipline. There were two times that, if I had been holding a larger position, I would have taken profits, but didn’t.

Lessons learned: Stick to your discipline and take profits, even if small, when targets are hit. Don’t turn an intraday trade into a multi-day swing trade just because you’re curious if it’ll keep running.

Review: I felt good about the trade, despite being a push, as it showed my instincts are pretty well tuned. I was looking for confirmation of ideas, which I got. Only being able to trade the first hour of the day is quite a handicap, and I’ll consider putting positions on in the morning and then trading out of them during the afternoon. I’ll need to take a break from work maybe 20 minutes before market close so I can review and close intra day positions. This was also my first trade with increased size – I added a second tier to my buys, which I take as a step in the right direction and a small victory in and of itself.