PAPER TRADE (LOSS)

• Setup: -------------------------------------------------------------------- Daily Range Break/Intraday Flag Break
• Entry: --------------------------------------------------------------------- $8.78/8.86
• Shares: ------------------------------------------------------------------- 500/500
• Stop: ---------------------------------------------------------------------- $8.70/8.78
• T1: ------------------------------------------------------------------------- $9.00
• T2: ------------------------------------------------------------------------- $9.50
• Reward:Risk Ratio (T1): -------------------------------------------- 2.75:1
• Exit: ----------------------------------------------------------------------- $8.78

• Profit/(Loss) With Commission: -------------------------------- ($59.50)

• Details:
  Daily range break, intraday flag break, 1000 shares. I scaled into this one since it was a thin stock similar to HEAT/CLNT. I noticed it pre-market and it was an earnings play. My plan was to buy it at $8.50 but it gapped above that price and moved extremely quickly (Less than five minutes) to $9.04, so I decided to wait and let it set up. It did that around $8.80 with a small flag pattern on the 5 min chart. Since the stock was thin and I knew it had the potential to jump 15-20 cents very quickly I scaled in at $8.78 to avoid getting a high fill if I waited for it to break $8.80. I bought 500 shares at 8.78 and then added 500 more when it broke $8.80 and ended up getting filled at $8.86. It didn't explode like I expected it to, so I moved my stop back to 8.78 and manually stopped out there a few minutes later. The reason I stopped manually was that on L2 I could see that there were only a few bids left at $8.78 and the next bids down were in the $8.60s, so I figured if it cracked there I would get filled 10-20 cents lower. I feel like I managed this well, even though later it did end up running way above my original target, there was no real setup at any point so it would have been a high risk trade had I continued to try to trade it.