VTNR Trade on Feb 17, 2022 08:44 from BanalityOfEvil: Tradervue User Stock Trades.

VTNR – PREMARKET SCALP AND OPENING DRIVE

7:30:00AM
VTNR
VERTEX ENERGY ANNOUNCES 5-YEAR RENEWABLE DIESEL SUPPLY AGREEMENT WITH IDEMITSU APOLLO RENEWABLE CORPORATION

TRADE IDEA
VTNR could reach 6.50 on the opening drive due to news and daily technical setup
Setup Quality - A

BIG PICTURE
NEWS RELEASED IN PREMARKET
OVERALL MARKETS ARE WEAK AND VOLOTILE
VTNR SETTING UP NICELY ON THE DAIL WITH LTSR @ 5.58 AND 6.55
FLOAT 45M
Short Float 20%
RVOL ELEVATED
6TH LEADING GAPPER @ 9.A.M
VIX @ 26
SPY selling off struggling to hold 442
Some algo presence in premarket

Plan
Enter VTNR on signs of strength, add when pivot breaks hold, sell into strength taking some profit quickly, hold at least 20% runner for a larger move beyond target.

EXECUTIONS
@8:44 price has moved to LTR over 12 minutes on volume expansion, waited for price to consolidate at VWAP, got long into T1. This broke my rule of not trading in premarket during this market, but the technical setup, along with the news catalyst and the float told me I had to take this. Had to take this trade.
@9:13 price was rejected but has consolidated and volume is starting to come back in. Add to T2 size if breaks high of day and consolidates. Some topping tails coming in under HOD, shorts are available and may be aggressive since the market is weak. However Spy is curling off 442 so we may see a market push @ the bell.
IF PRICE DOES NOT EXPAND INTO THE OPENING BELL THEN REDUCE SIZE TO 1/2 FOR PRICE DISCOVERY – DO NOT TRUST THIS MARKET
@ 9:30 SOLD ½ PUT STOP @5.18
@9:53 STOPPED OUT

KEY TAKEAWAYS
Broke rule to not trade breaking news premarket in this market. Paid the price. Breakouts are failing in this market, especially in small cap low floats. JUST DON’T TRADE BREAKING NEWS PREMARKET, NO MATTER HOW BULLISH THE NEWS OR VOLUME PROFILE, OR HOW PERFECT THE CHART IS. IT WILL FAIL ALMOST EVERY TIME. WAIT FOR PRICE DISCOVERY ON THE OPEN.