Shared by
BanalityOfEvil
PLAY
ICCM – breaking news scalp – after hours
CATALYST
04:05:00PM
ICCM
ICECURE'S PROSENSE SAFE AND EFFECTIVE IN TREATING KIDNEY TUMORS WITH 89.5% RECURRENCE-FREE RATE BASED ON INTERIM STUDY RESULTS
TRADE IDEA
ICCM could touch 5.50, if 5.50 is broken, stock could touch 8.20, if 8.20 is broken, stock could return to IPO price at 12.45
SETUP QUALITY
B – I don’t love after hours plays but the tape clearly showed that this was moving strongly and the most recent high volume resistance area from December 27th, 2021 @ 2.70 was lifted with ease and didn’t look back. The tape is hot and volume is pouring in.
BIG PICTURE
ICCM has sold off to all time lows @ 0.93
The markets are falling intraday for 7 sessions in a row
Biotechs have been hot for the past couple weeks
After hours news drew immediate interest from long traders. There were no great opportunities in the low floaters long today.
Float 16M
All time lows
Bear Market
Hot Sector
After Hours A+ breaking news
clean chart
hot tape
PLAN
Honestly just got lucky with this one, I was actually away from the desk after the bell, and later saw this news had hit. This news is atypically strong for a biopharma, A+ news.
I took a quick glance at the weekly chart and saw I might be able to catch this up to 5.50. literally read the news, looked at the weekly, and watched the tape all in about 10 seconds and jumped in.
Was planning to just use small size and watch the tape for any indication of weakness so I could offer
REASONS TO SELL
Tape slows
Large offer wont lift
Buying volume starts to decline
Price pulls back aggressively from 5.50
EXECUTIONS AND PRICE ACTION
Jumped in extremely late at 4:27 @ $4.50 and just focused on the tape. 5.50 was lifted with ease so I held. Next resistance was 8.20 from November 2021. This took a moment to lift but it didn’t put up much of a fight. It tested 1x then pushed through. I knew we would at least hit 12 but did not want to push my luck.
I should have entered my order early because I knew I would want to take profit at 12. I offered with hotkey but was a split second too late. Had to offer lower, quickly because this was about to pop.
KEY TAKEAWAYS
• nice job with some quick analysis of technicals (chart, float, tape, news, targets)
• nice job reading tape
• could have been less greedy and offered up quicker
- nice job remembering sector was hot in the moment and committing to the trade after a lackluster day
- great job putting a weekly chart up on the screen today after botching the trade on VKTX!!!! you would not have know where this was going if you had not botched VKTX earlier(unable to analyze because no weekly chart on screen). By actively making this improvement you were immediately able to gauge possible unseen targets for this trade on ICCM in the clinch.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2022-12-19 16:27:02 | ICCM | buy | $4.720 | long |
| 2022-12-19 16:38:15 | ICCM | sell | $10.260 | long |
| 2022-12-19 16:38:15 | ICCM | sell | $10.260 | 0 |
Comments
BanalityOfEvil
Thanks Andy, just got lucky really. I just trade solo at the moment, HBU?. Yeah I just use Benzinga, but I one of my scanners on trade ideas picked this up. Cheers!
AndyBhanver3
Haha no luck there my friend, you saw the news took action and as long as you had a plan with a stop, it was well executed! - No, I am still a university student haha but am looking to work at a prop firm in the future after I graduate. Gotcha, yeah have heard some good things about Benzinga but personally have yet to use it so was curious.
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Damn nice catch banality! curious on if you trade at a firm of some sort? And what news outlet do you use? Benzinga pro? or something else, curious on this and again nice trade here and catch here well done.