HOTH Trade on Apr 11, 2022 08:36 from BanalityOfEvil: Tradervue User Stock Trades.

PLAY

HOTH – PREMARKET SCALP

CATALYST

8:05:00AM
HOTH
HOTH THERAPEUTICS MRNA FRAME-SHIFTING THERAPEUTIC, HT-KIT, PROVES EFFECTIVE AGAINST AGGRESSIVE CANCER CELLS

TRADE IDEA

Price could test 1.75 area in premarket trading

SETUP QUALITY

“B” – news headline is good, but I have a poor track record with this symbol, and it often lacks follow through, however it is consolidating nicely after the initial push from .60 to 1.50.

BIG PICTURE

• SPY testing long term support at 440
• VIX over 20
• Fresh News
• Gapper
• Float 23M
• RVOL extreme in premarket trading
• ATR .06 (may be done for the day)
• HOTH has a poor history of follow through

PLAN

Scale into position above 1.38 support and take 80% of profit when price breaks over 1.50 around the 1.70 area. Leave a small runner for a potential large move. Stop is a break and hold below 1.38 on all shares, including runner if holding into the open.

REASONS TO SELL

• Target is reached
• Tape is heavy above 1.50
• Stopped out

EXECUTIONS AND PRICE ACTION

@8:36-8:46 accumulated shares. My 1st meeting was cancelled so I will be able to hold this into the open

@8:49 price is struggling to break 1.50, started taking profits in 3rds

@8:58 took more profit, then added back small size (runner)

@10am price is floundering on the open, algo presence is ultra heavy and price hits stops. Took stop here. Price moved lower remainder of day

KEY TAKEAWAYS

• Good job watching the tape for signs of sluggishness
• Good job fighting for price
• This symbol never seems to follow through. Avoid it moving forward.
• Good job respecting stop and giving runner a chance to work

SYMBOL

SPY

VIX