VRX Trade on Oct 30, 2015 14:31 from Holden: Tradervue User Stock Trades.

Dev play: -
Afternoon Continued Weakness below key S with potential catalyst on Monday- VRX
VRX is such an interesting story that continues to develop. Today Perhsing Square defending the company and Citron came out saying they will be releasing another story Monday. In the meantime, VRX had a rumor floated that the SEC has been investigating and will be shutting down operations in this name Monday morning. - Rumor passed around on Twitter so not sure validity but when the set up is given a catalyst, this is when I look to get involved. STORY Putting this name in play
Research and information collection (what I was seeing and where I sourced the idea)
Chart work- Mid-day I look at all names trading 1.5x rvol and isolate any names consolidating in the lower ⅓ of the days trading range as these may be candidates for this play.
Creativity and the generation of trading idea (my thought process for what could develop)
Ideally the name will be in play and also consolidating below a key support level for at least 1 hour with a tight consolidation
Big picture support helps but a catalyst can also help support the move.
I am looking for a momentum trend move lower, supported by high volume for a close at the low of the session.
Entry execution and position management (Why did I take the play, why did I size as I did and what was my plan?)
Mon-Thursday I will enter on a move up into R level that fails allowing me to look for a move back below S that confirms where I can get bigger in the name but on Fridays, because of the potential of a pin, I want to wait for a break below support level and enter short on a rally back up to prior support (now R) and look for an initial move lower and potentially a momentum trend move lower through the afternoon. If action clears R tested on entry, I GTFO immediately.
Risk management and exit execution (My plan for the play and my reasons2sell)
Control risk with entry. Know that this position can move against me fast so I need to be well prepared to cut immediately if the action does not break and continue lower. Manage risk against swing high and move stop down with the action looking for volume and price to accelerate through the move. - EARN THIS PLAY- ONLY RISK OPEN P/L ON THIS PLAY.
Self Management (Specifically self talk and did I support myself in a way that allowed me to execute to plan)
I get paid at the end of the play. I need to be very patient but very focused on playing great defense through the first part of the play moving my stop down with the action but accelerating my stop as the action continues lower.
When I get a hard, extended move lower, especially if the action makes a crescendo move into a key support level, I want to REALLY aggressively move my stop down through the move with the intent of getting stopped out near the lows of this crescendo move. This is very tough to do but it is the way I want to be attacking this set up consistently.