IMPP Trade on Feb 28, 2022 09:30 from BanalityOfEvil: Tradervue User Stock Trades.

PLAY

IMPP – OPENING DRIVE

CATALYST

Energy stocks are trending higher amid Ukrainian conflict and rising inflation

TRADE IDEA

IMPP will touch 2.80 by 11am

SETUP QUALITY

B

BIG PICTURE

• Energy has been the leading sector for weeks
• Petroleum stocks have been energy leaders
• Several petroleum stocks showing strength in premarket
• IMPP up 5 days in a row, may be extended, but if breaks 2.80 could become explosive
• IMPP has respected previous HOD support for past 5 days
• SPY gapped down in premarket but found support early
• VIX @ 29
• Float 12M
• ATR .21
• RVOL 13x

PLAN

• Per last week’s price action, build position around opening support, expect price to test 2.25 and get long in this area with confirmation of strength. Expect algo presence. Expect some chop. Do not get spooked by the tape if algos are printing heavily. Max size 1000 shares.
• Sell 1/2s into strength at premarket pivot areas, ok to add back on first dip after 1st pivot is broken, hold 20% or 100 shares for the chance of big follow through
• 1st target is 2.60
• 2nd target is 2.80
• 3rd target is 3.45
• Stop is 2.25

EXECUTIONS AND PRICE ACTION

@9:30-9:50 scaled in very slowly, allowing price to pull back and test 2.25 as planned, adding to full size as VWAP reclaimed 2.30’s with some volume expansion. 1100 shares.
@ 9:52 large topping wicks, lighter volume than expected at this level, and heavy algo presence told me to sell 80% of position. Symbol has not been this heavy on the open in the past 5 days.
@9:55 added back to 300 shares, small size for chance of continuation above VWAP
@10:14 took 2/3rd profit at 1st target 2.60
@10:26 sold a tiny portion, but holding 100 shares for move over 2.80 by end of day, may hold this tiny position overnight depending on energy sentiment and price action for the rest of the day. Stop is 2.17 if deciding to swing. AVG is 2.33.
@2pm 2.25 being tested again and holding up. If IMPP closes above 2.25 in after hours I will hold runner overnight

KEY TAKEAWAYS

• Good multi-day pattern recognition and level identification for entries, support, and targets
• Reasonable 1st sell execution due to price action and overall volatility, however, should have only sold ¼ or 1/3rd since this was not meant to be a scalp
• if risk can be managed properly then don’t sell so much so quickly if it is not the plan. Selling to much too soon is actually riskier in the long run, unless the plan is to scalp.