IMPP Trade on Jan 28, 2022 09:29 from BanalityOfEvil: Tradervue User Stock Trades.

IMPP – Opening Drive

Fundamental

no news, low float, petroleum stock (energy) - energy stocks have been trending positively amid market weakness, high relative strength

Technical
Chart: 50+% gapper / daily resistance / bullish volume profile
Volume leader in premarket 7M shares traded
Float: 2M
RVOL: 2k+%
Price Target : $3

Quick Analysis
@9am saw IMPP was premarket volume leader over 7 Million shares traded. Action had been a little choppy, but the daily chart pretty beaten up with some major daily resistance around 2.50. This level had been tested in early premarket, rejected, and had tested and rejected again on some volume in late premarket, making 2.50 and important level for the open. Sector is strong so this will be watched closely. I wanted to get in early, since most breakouts are failing and it is currently necessary to get the best price possible on any setup, especially a long.

All symbols are generally having trouble breaking out in this range-bound weak market, and most strength has been to the short side. Going long on ANY non-inverse symbol will make a green day a lofty goal. Since the energy sector has been generally trending bullish and this low floater had gapped up to an important level, I figured I would give it a shot.

Plan:
On open hold a small feeler into the bell, adding quickly on signs of strength up to 1000 shares, selling ½ at the break of 2.50, and re-adding on a dip above 2.50 support, back up to full size 1000 shares for a move to $3, selling 80% into $3 and holding a runner until R2S. Stops will be support of most immediate consolidation area.

Executions

@9:29 put on a feeler
@9:31 red to green with volume expansion, continued to scale in
@9:32 took some profit and added back in as stock broke 2.50
@9:33 topping tails forming, taking some more off
@9:36 price average around 2.35 has moved lower, breaking support of 2.30 add spot, respecting stop, and not trusting market, sold ALL OUT – could have held here, but trying to be more conservative right now and not have a big red day at the end of the month
@9:37 vwap holding around 2.20 with some buying volume coming in, started scaling back in
@9:38-9:40 scaling in for the break of 2.50 again, took some profits above 2.50
@9:42 IMPP rips higher to 2.90, almost going LU, I take off ½ and immediately re-add, stock flushes down to 2.40 on largest red volume bar of the day almost 3million shares… The volume profile of the stock is now bearish but still above VWAP, 9MA, 20MA, AND 200MA. I try to sell ½ but accidentally sell full position by pressing the hotkey 2x… damnit… HUGE ERROR… ruined the trade.
@ 9:44 start scaling back in, but I am out BP… now the real move comes that I was waiting for
@9:44 to 9:50 IMPP breaks 3 dollars and goes limit up to hit 3.50. I hold through the halt since I only have tiny size, selling 1/2 around 3.40 as topping tails showing weakness.
@9:59 add BP I have left for the longshot of a move higher. Stock cannot reclaim 3.50, price average is now 2.80
@10 break of price average, not interested in giving back profit, especially since I duffed my execution and ruined my price avage @9:42. Sold all out

Takeaways
Good trade in general, just duffed my executions around 9:42, ruining my price average and taking me out of the trade

thought that the RVOL was elevated to a point where algos may be overwhelmed, which they were, however, there was fairly heavy algo presence on the open which caused a little chop.