Swing trade review: https://tradejournal.co/trade/update/7085/
As some of you in the discord and/or on the live stream this morning already know... I sold my IPOE.
What Happened?
- IPOE rally due to
- SoFi IPO merge agreement on May 27th
- SEC voting on warrants
- Hot stock with a lot of publicity
- Cramer is watching and said he was waiting for IPOE to become SOFI
- SoFi is set to have an $9b Market Cap @ Merge day
- Meeting is tomorrow May 27th
- Risk of a negative vote but that would not mean it's over
Why I Sold
- Roth IRA
- Pull-backs
I would NOT have sold if I was holding my IPOE shares in a regular account but I was holding in ROTH IRA which allows me to reinvest my trading income without paying taxes. With a ROTH IRA if you can time just a few big moves it can be very financially worth while to do so.
For me when a company rallies 50% and reaches BIG resistance that may be time to do so.
What Now
- Buy Back
There was an inital dip of 11% after it reached the highs 21.8 to 19.32 (extended hours) before bouncing back 5% to around $20 and holding. Ideally I'd like to buy below $19 but only time will tell. Next major support zone is around 17.5 which is the price we originally had to break past before the second part of that BIG 53% rally.
IPOE so far in this rally has not pulled back more than 10% so this is already a bigger move. I'm not sure if we will get a bigger dip so I'll be watching it here and if we have a morning panic there is a good chance I'll be buying. Eitherway I'll see to get my OG size back under $20 and anything after that is an aditional win.
Entry IPOE Swig Trade Entry on live stream (go to timestamp @ 40:38)
Remeber Get News Fast
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Good full recap video of IPOE and SoFI from Fin Tek