BCTX Trade on Apr 13, 2022 08:02 from BanalityOfEvil: Tradervue User Stock Trades.

PLAY

BCTX – Premarket Breaking News Scalp

CATALYST

8:00:00AM
BCTX+2
BRIACELL RECEIVES FDA FAST TRACK APPROVAL FOR TARGETED BREAST CANCER IMMUNOTHERAPY

TRADE IDEA

Price will break through 12 and possible test 12.50 area

SETUP QUALITY

“A” – good news catalyst and 1st move gapping over previous short term and long term resistance at 11 and 11.50

BIG PICTURE

• Small cap gappers have been cooling off this week
• SPY testing and holding below long term 440 level (438 is major true support)
• VIX over 20
• Breaking news
• Float 13M
• RVOL elevated in premarket
• ATR .80

PLAN

Scalp the flag continuation from 11.50, taking 80% profit at 12, and holding some size for a test of 12.50. Sell half of runner @ 12.50 and re-add if price breaks 12.50 and pulls back to 12.50. Sell another 80% into strength on next leg up. All stops are a break and hold below most immediate consolidation area.

REASONS TO SELL

• Targets hit
• Stopped out
• Tape slows and will not move
• See an outsized seller on the offer

EXECUTIONS AND PRICE ACTION

• Since gap scanner was dead I waited patiently for some breaking news. @ 8am news broke on squawk and price moved cleanly through 10.50 on the 60min chart, so it held my attention. This type of headline combined with low float led me to believe it would most likely test 12 and possibly go higher to 12.50

@8:03 established a feeler as price moved through $11

@8:05 added to full size on first 1min candle to make a new high in flag, selling majority into 12, re-added small size.

@8:06 added some more and started unloading and price tested 12.50, kept a 30% runner on, this was a mistake. Should have sold more, being a scalp trade.

@8:27 had waited for price to consolidate, 11 was holding so I added small size, but this failed so I had to stop out. This was never part of the trade idea. I was out of buying power and was feeling too stubborn to sell because I would not be able to take another trade.

KEY TAKEAWAYS

Moving forward, especially since the market is weak, I need to plan on taking 80% of my profit quickly and then stick to my original trade idea, instead of trying to turn this into some other kind of trade and letting it run against me. If the plan is to scalp, then commit to scalping.