PIK Trade on Mar 18, 2022 08:02 from BanalityOfEvil: Tradervue User Stock Trades.

PLAY

PIK – PREMARKET SCALP and OPENING DRIVE 2ND DAY PLAY

CATALYST
GAPPING UP ON YESTERDAYS PARTNERSHIP WITH DISNEY

TRADE IDEA
SCALP A DIP TRADE (5.75 BACK UP TO 6.10) BACK UP TO YESTERDAYS HIGH, KEEP ON WATCH ON THE OPEN FOR A STRONG MOVE OVER 6, LOOK TO ENTER ON A PULL IN FOR AN OPENING DRIVE PLAY UP TO 7

SETUP QUALITY
A

BIG PICTURE
• MARKETS ARE RECOVERING A BIT ON DOVISH FED
• SPY HOLDING ABOVE 425 PAST 2 DAYS TESTING 440
• VIX UNDER 30 FOR COUPLE DAYS PUTTING INDIVIDUAL NAMES BACK IN PLAY
• FLOAT – 5.5M
• FRESH NEWS AND HUGE MOVE YESTERDAY FROM 2 TO 6.50

PLAN
Sat down @ 8am ET after some much needed sleep, saw PIK was extended and thought it may break over 6, but will most likely pull in to 5.50 area before moving higher
Will enter with small size, looking for a quick profit, and selling right away if it ticks against me

TARGET – 6.10
MAX STOP 5.66

• On the open, before getting long, look for a strong move over $6, then pulling back to and holding over $6 which will confirm strength in the symbol and will get you a good price for a move higher to the $7 area. If you do not have to leave for work, try to hold a small portion up to $8 if momentum is present.

• Price could be volatile, so hold no more that 300 shares on the open, take profit quickly, as this is a pure MOMO mania play

EXECUTIONS AND PRICE ACTION

Premarket Scalp
@8:02 bought new high on flag
@8:04 sold at target

@8:23 – 9:07 attempted to position a feeler before the open, but did not like the slow extended consolidation, so I hit out a couple times

Opening Drive

@9:07 price moved strongly over 6, false halted, and pulled back to $6 area as planned. Got long on the dip off the false halt
@9:32 price action is a little dogged, took ½ profit
@9:40 – 10:18 took profit in chunks, trying to leave a runner, all out, needed to leave desk

KEY TAKEAWAYS
• NICE TRADE, GOOD JOB NOT HOLDING THIS EXTENDED MOVE TOO LONG AND GIVING BACK THE PROFIT
• 5.50 did in fact turn out to be a solid level to trade off, should have trusted this area for an opening drive
• Trust your levels, you have been very accurate with your support areas this month