LBPS Trade on Mar 23, 2022 08:09 from BanalityOfEvil: Tradervue User Stock Trades.

LBPS - Premarket Scalp with feeler for open

CATALYST

6:57:36AM
LBPS+1
4D PHARMA SHARES SPIKE HIGHER PREMARKET; CO ANNOUNCED PRIMARY EFFICACY ENDPOINT MET EARLY IN RENAL CELL CARCINOMA GROUP IN PART B OF STUDY OF COMBINATION OF MRX0518 AND KEYTRUDA

TRADE IDEA

LBPS could move to $9 area in premarket

SETUP QUALITY

C

BIG PICTURE
• SPY testing 450 in premarket
• VIX in low 20s
• Fresh news (low quality headline, but seeing some volatility)
• Float 15M
• RVOL – elevated 4.5M shares in premarket, but not looking manic
• Areas – 6.40, 7, 7.5, 9, 11

PLAN

Scalp small size in premarket to near $8 area from $7 and hold a tiny runner with max stop @ 6.40 on the open. Take profit quickly on the open as soon as price moves in your favor.

EXECUTIONS AND PRICE ACTION

@8:09 entered feeler size, volume was very light, probably should have avoided
@8:11 took 80% of shares off table for small scalp near 8 and added a tiny portion in case it continued, but not feeling very convicted about the trade, keeping feeler size with stop @ $6.40 on the open
@9:59 price goes limit up after consolidating around 6.50, re-opens above 8, I hit out, putting me back into green on the day

KEY TAKEAWAYS

• Poor stock selection, not a great setup, probably just avoid trades like this, have more patience on risk-off days, wait, don’t try to force trades
• Good job keeping risk tight, using small size on this weak morning
• Good job recognizing that this may hold 6.40 area and holding a small runner in case of this type of action during price discovery on the open. I am ok with missing if this goes higher, not interested in holding this intraday