IMV Trade on Dec 15, 2022 14:47 from BanalityOfEvil: Tradervue User Stock Trades.

PLAY

IMV - High Relative Strength Midday Scalp – Fresh News

CATALYST

07:05:00AM
IMV +1
IMV INC. ANNOUNCES INITIAL DATA FROM THE ONGOING PHASE 2B VITALIZE TRIAL IN PATIENTS WITH R/R DLBCL

IMV has reclaimed premarket highs
High Relative Strength

TRADE IDEA

IMV will touch 4.50 within several minutes, risking 3.50 level for a move to 4.50

R/R = 1:5

SETUP QUALITY

A - Although the news catalyst is nothing to write home about, the entire market is tanking and IMV has shown extremely high relative strength since 2:30pm, trading up on heavy volume after initially flailing on the open. At the time of this trade, this was probably the strongest stock in the entire market.

Noticed it a bit late, but saw it kept lighting up my MOMO scanner

Float 75.6M
Premarket gapper
Fresh news
Huge RVOL 2.3k % (20 million shares on the day)
Clean Daily between $4 and $4.50
Extreme Relative Strength

BIG PICTURE

As the markets are tanking, this low/mid floater with fresh news on the day has reclaimed its premarket high. Next stop is clear on the daily chart @ $4.50 if there is continuation.

PLAN

Bid for shares as price consolidates at the premarket high for a breakout to 4.50, offer shares at target. Expecting volume to print a 1 million share exhaustion bar into target on the 1min chart. If volume exhaustion occurs under target, then sell under target. Clear indication that move is over will be a 1million share exhaustion volume bar, since we have not seen one yet during this breakout.

REASONS TO SELL

Target hit
Stopped out at 3.50, risking .20
Tape slows or HFT gets too thick
Large offer won’t lift
Volume exhaustion before target is reached

EXECUTIONS AND PRICE ACTION

@2:46-2:48 as price has reclaimed premarket highs I bid for shares in the pullback, willing to bid down to 3.50
@2:50 price is moving towards target aggressively but offers are almost as aggressive, volume is expanding, but momentum is not following through as much as I would like, took majority of shares off the table, holding very small position in case we get volume exhaustion.
@2:54 volume is pouring back in but selling is aggressive, took final portion off near target as chances of collapsing were extremely high.

KEY TAKEAWAYS

Nice little trade. Good job recognizing this as an outlier on a day when the market was bleeding out. Try to offer a little higher on majority of shares next time. Don’t get antsy. Good utilization of scanners.