LLL Trade on Mar 24, 2022 09:28 from BanalityOfEvil: Tradervue User Stock Trades.

LLL – premarket scalp

CATALYST

strong flag forming near opening bell, breaking over yesterdays midday range, former momo from earlier this week, has potential to move to next resistance @ 5.50

TRADE IDEA

MOMENTUM will continue and price will push to 5.50 in premarket

SETUP QUALITY
C – Chinese garbage stock

BIG PICTURE
Markets feel week, but this low floater ran on Tuesday after news of “sales deal” bogus news, but thought there might be a quick scalp in it

PLAN

Get long quickly on dip under 4.50 with small size for a move up to 5.50 (next resistance) in premarket, sell quickly into strength or if it ticks against your entry, very tight stop

Look for tape to speed up and price to move quickly in your favor, or else just cut it

EXECUTIONS AND PRICE ACTION
Took a long in premarket on a dip to the $4 area, feeler size only, but then I remembered it was a Chinese stock so I just sold it immediately.

NOTE: target was was reached in opening 1hr of trading, no regrets about selling though, was not convicted

KEY TAKEAWAYS
Pay closer attention before you jump in. This trade was too risky on a day like today. (weak gapper list, spy consolidating in premarket). Chinese stocks are garbage so generally avoid unless entire market is ultra bullish