This is HEC's chart. It had bounced off the 100 EMA twice already in the past month which is why I added here on the 3rd pullback.
It's also an SPAC with a $10 strike price so it's not really gonna fall much below that at worst before merger, worst I've seen is $9.50.
If you added via the chart, your entry should've been around $11.00-$11.15. If you use a 15% stop loss, then your stop loss would be set around 9.45.
When you find a stock you like, try to add at a strong support area. Red days will happen and the stock will eventually touch that area again. If it doesn't, no biggie, don't buy in.
Helps to limit unnecessary losses, which I feel hurt portfolios more than missing out on gains.