FRO was added as a long trade setup on May 21st with the entry criteria as stated on the previous 2-day chart (first one below). Immediately following the opening bell today, FRO made a brief pop over the downtrend line on the opening order imbalance-induced pop but sucked right back into the wedge.
Typically, I avoid entering new positions within the first 30 minutes of trading, especially on low-volume stocks. Aggressive traders might start scaling in on the next move above, adding the next lot on a weekly close above the pattern. As mentioned before, FRO is a low-quality, high-risk (and potentially high return) shipping stock so best to adjust your position size accordingly. A suggestion would be a position size about 1/3 of one’s typically position size and again, assuming that this very aggressive trade fits one’s trading style and risk tolerance. Previous & updated 2-day period charts:
