CODX Trade on Mar 12, 2020 08:10 from beno: Tradervue User Stock Trades.

Fundamentals

As of: Sept 30 2019
Shares Outstanding (latest from broker): 17.3m
Cash: 2.544m (Jan 28 2020: +$5m closed offering, Feb 13 2020: $10.2m closed offering)
Current liabilities: 307k
Current ratio: 10
NWC (total current assets - total current liabilities): 2.777m
Accumulated deficit: 23.154m
Book value per share (Stock holder equity / Shares outstanding): 0.192
Monthly Burn rate (net cash used in operating activities / months): 433k
Estimated current cash: 15.58m (counting recent offerings)
Baby Shelf Exemption price per share: 4.33

Catalysts / News / Painting the picture

Enough cash for 35 months
$25m S-3 Aug 2018, $4.3m left
PR on Coronavirus: Co-Diagnostics, Inc. Designs Test for New Coronavirus Using CoPrimer Platform
Receives CE (Europe approved) Mark for Novel Coronavirus Test
March 11 2020: WHO officially calls COVID-19 a global pandemic

Technical Analysis

-Intraday pattern: Gap and Crap
-Held up well in PM but sold off all day as market was consolidating at these new lows
-Levels: 11.50, 12.50, 14, 15.50, 17

Original Plan / Strategy

First test long of 15.70 level with mental stop below 15.50

Review

I sized up too big for a PM trade / should have only been half size at 200 shares. I ran to my office as I heard my alert go off (was making breakfast) so I felt rushed to make a decision but I knew the right thing to do was to get in because it was a good setup. (Couldn't confirm at the time if it had already tested the level due to the late prints making the candle go past the level)

After reviewing the tape recording I noticed that I had missed the bounce from the First Test...so the trade I actually took was the second test which is not a setup I take. I couldn't tell whether or not the level had yet to be tested as the late prints made the candle go down to 14.70.

My stop was the right thing to do, BUT THE TRADE SHOULD HAVE NEVER BEEN PUT ON!

Lessons Learned:

1. Never take the second test, only the first test, stick to your setups!!!
2. In PM trades, if your not sure the first test already happened, don't take the trade!