EXTN Trade on Jan 24, 2022 08:56 from BanalityOfEvil: Tradervue User Stock Trades.

EXTN - Premarket News scalp with core builder - (98.77)

My downfall here was trying to build a core for a larger move. Moving forward, focus on taking larger size and taking profit at smaller targets. This is not the market to trade breakouts in.

6:00:00AM
EXTN
ENERFLEX LTD. AND EXTERRAN CORPORATION TO COMBINE, CREATING A PREMIER INTEGRATED GLOBAL PROVIDER OF ENERGY INFRASTRUCTURE

Sat down @9am to find EXTN had gapped up on merger news, and was flagging under 5 dollars between 4.80 the 4.50 level, which also happened to be VWAP @ 4.50

Most obvious setup/pattern/gapper

low float 20M

was the only gapper holding up in premarket

@8:56am Started buying up the 4.50 level on volume expansion above support, planning to sell 80% around 5, planning re-add for the break of 5, planning to scalp the break of 5 and add back on the support of 5 for a move up to 5.30/5.50, levels found on the daily chart. Plan to fully exit above 5.30.

@9:03 Initial position made its way over 4.80 and got choppy, so I took a little profit, then added on the micro pullback for the continuation to 5

@9:07 added for the break of 5, choppy sold 1/2

@9:20 4.80 support is broken so I go flat, putting me in the red

@9:25 4.80 is being tested and reclaims with some volume so I add back in feeler size 125 shares, thinking this will test and break 5 as we open

9:27 buy another 125 bringing position up to 250 T1 size, quickly rejects, but holds 4.80

@open stock struggling to hold 4.80, move to flat

@9:33 vwap is broken but bottoming tails forming off 4.50 psychological level, indicating this may reverse finding support, so I go back to T1 size for a move back up to 5, thinking this may breakout over 5.

@9:34 quickly rejects, with large selling volume, so I hit out of 1/2 as price moves to premarket support of 4.30

@9:44 premarket support @4.30 is being tested, but strong selling volume is still present so I hit out of remaining feeler.

Was green on this several times in premarket, should have just taken the small win, I notice that I tend to push too hard and expect too much out of stocks on weak days like this.

moving forward, if scalping, I will be sizing up and aiming for smaller targets. It seems like the only way to go green on the long side right now is to micro-scalp.

This market is so weak, spy is tanking into oblivion again today. The initial entry in premarket was good, but I should have gotten bigger then, and only looked to trade this back up to 5.

@11am stock has been fairly stagnate through the open, with a heavy algo presence. will be shocked if this closes above 5 today.