PSTI Trade on May 8, 2020 09:30 from TheTapeTrader: Tradervue User Stock Trades.

1. Trading Thesis & Trading Plan
Gapper on Covid News. My view was the news was weak and only referred to approval for a 'study' also COVID stocks are becoming overplayed recently. The daily chart showed some steep drops in the last week or so. I knew there would be some bag holders. Initially the pre-market chart looked strong with consolidation below high of $10.78. I identified my levels with entry at pre-market low (at the time) of $10. As pre-market chart progressed, I later noticed the chart weakened and fell under $10! Before picking up just before the bell to just above entry point.

2.Trade Execution and Management
I decided to move entry down as felt weakness was showing the chart. I entered stop order at $9.95 (filled at $9.92). Tape snapped down and I started scaling out as soon as I felt move had happened

3.Psychology
I debated before opening bell whether the risk vs. reward was worthwhile given that stock had fallen below my pre-defined entry point. I also had reserved shares to short so probably influenced me to still enter. I decided that I would enter for scalp rather than 'sit' in stock. The fact the stock popped slightly over entry point before the bell helped make the decision to trade the right one. Nice first trade