TRKA – PREMARKET SCALP
CATALYST
8:00:00AM
TRKA
TROIKA MEDIA GROUP COMPLETES TRANSFORMATIVE ACQUISITION OF CONVERGE DIRECT LLC ADDING APPROXIMATELY $300 MILLION OF REVENUE AND $21 MILLION OF NET INCOME
TRADE IDEA
TRKA will test $1.75 area in premarket trading
SETUP QUALITY
B
BIG PICTURE
• SPY is bullish with VIX hovering in the low 20’s, TRKA has a history of popping and dropping, it is very low priced, and I do not expect it to follow through on the open. The news is positive but is not that bullish, given that these sales numbers are only a technicality of acquisition and are somewhat synthetic
• Float 23M
• ATR .12
• Fresh News
• RVOL – elevated; 11M in premarket
PLAN
Enter on pullback to immediate resistance at 1.40 area, taking ¾ of profit quickly into strength on volume expansion and increased speed of tape, watching L2 for signs of large buyers/sellers for hints of when to exit. Hold at least ¼ to 1.75 area or until R2S. Full stop is a tick below 1.40
EXECUTIONS AND PRICE ACTION
@8:19-8:23 scaled into 1500 shares, quickly took some profit over 1.50 and 1.75 area on volume expansion
@8:24 sold ½ at break of 1.50
@8:28 sold 2/3 as price consolidated (too soon, mistake, stop was below 1.40 and I got antsy)
@8:32 sold ½, (mistake) should have sold 80% here
@8:39 sold runner just above stop area, nothing wrong with this, needed to leave for work, price was failing, and stock was not an “A” setup
KEY TAKEAWAYS
• Don’t be so chicken shit, if you have a stop in mind, hold majority over that stop area
• If you are not convicted in a symbol/idea, then just avoid it, as in the long run there is not much edge in trading this way, although it will workout sometimes when the market is bullish.
• Small winner, but avoid trades like this is the future, this was a bullshit setup that could have easily gone the other way
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2022-03-22 08:19:47 | TRKA | buy | $1.520 | long |
2022-03-22 08:19:47 | TRKA | buy | $1.520 | long |
2022-03-22 08:19:47 | TRKA | buy | $1.520 | long |
2022-03-22 08:19:47 | TRKA | buy | $1.520 | long |
2022-03-22 08:23:45 | TRKA | buy | $1.470 | long |
2022-03-22 08:23:45 | TRKA | buy | $1.470 | long |
2022-03-22 08:23:45 | TRKA | buy | $1.470 | long |
2022-03-22 08:23:45 | TRKA | buy | $1.470 | long |
2022-03-22 08:23:45 | TRKA | buy | $1.470 | long |
2022-03-22 08:24:33 | TRKA | sell | $1.550 | long |
2022-03-22 08:28:54 | TRKA | sell | $1.480 | long |
2022-03-22 08:28:54 | TRKA | sell | $1.480 | long |
2022-03-22 08:32:14 | TRKA | sell | $1.670 | long |
2022-03-22 08:39:57 | TRKA | sell | $1.410 | 0 |
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