It’s very rare that I post 1-minute charts here. The 5-minute chart is my bread and butter, it’s what I use 99% of the time. When we’re watching a dozen or so stocks, the 5-minute chart means we can flip through the list at a relatively leisurely pace. It’s why I can get away with using a single screen with only two charts on.
Sometimes zooming in a bit helps to explain a trade though, which is why I’m posting this one on BYND as a 1-minute.
By the way, I didn’t use the 1-minute chart to trade this, the 5-minute is perfectly fine when watching live. I’m using the smaller timeframe here because it’s easier to see why the entry came at the time it did.
The answer is that big spike in volume. Looking at the 5-minute chart would suggest an earlier entry was in order. Looking at this one we can see that actually there was very little volume and the price was all over the place when the first entry suggested itself. There was no real consensus and no momentum until that bar around 10:40.
Then things took off. Volume picked up, there was some clear direction, and it was worth hitting the Buy button — but only after having cleared 120.00 to be sure it was going to keep going.
Because of the earlier indecision shown by the price, I chose the exit at the first sign of trouble. There was a bounce, and it would have been possible to ride this to around 123.00 without much trouble, but I took the safe option and got out with $1,410, which is not to be sniffed at. There was possibly a valid trade to be had on a second entry, but volume had dropped back and I was off looking at other opportunities by then.