#4
PLAY
Momentum Scalp
CATALYST
Some general marijuana litigation news came out yesterday. This could have possibly catalyzed some buying today. But I saw this as mostly a technical breakout on an overhyped stale news catalyst. some other pot names moving but I liked this one because it was so cheap and beaten down with a clear target and low float
TRADE IDEA
AKAN could touch .70
SETUP QUALITY AND VARIABLES
āCā
News yesterday
Heavy volume
Clean resistance at .70
Technical breakout on the 60 min chart
PLAN
Get long for continuation over HOD, looking to capture a scalp possibly up to .70
Stop is break and hold below vwap/entrycandle
REASONS TO SELL
Stopped out
Target hit
Tape slows
Large seller spotted
EXECUTIONS AND PRICE ACTION
Followed plan, took 20% off when vwap was broken tentatively. Held remainder until 1M share volume exhaustion candle printed, sold 80%. Price held and moved a bit higher but was weak so sold remainder.
KEY TAKEAWAYS
Not much to say, just quick technical breakout.
This got a lot more attention than I thought it should have, so I did not want to push it
Followed plan
Price moved closer to target. If was a "B" or "A" setup then I would have tried to hold longer.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2023-01-26 10:30:25 | AKAN | buy | $0.3199 | long |
2023-01-26 10:30:26 | AKAN | buy | $0.3249 | long |
2023-01-26 10:30:28 | AKAN | buy | $0.3269 | long |
2023-01-26 10:30:28 | AKAN | buy | $0.3269 | long |
2023-01-26 10:30:33 | AKAN | buy | $0.3295 | long |
2023-01-26 10:30:33 | AKAN | buy | $0.3299 | long |
2023-01-26 10:30:40 | AKAN | buy | $0.3299 | long |
2023-01-26 10:30:40 | AKAN | buy | $0.3299 | long |
2023-01-26 10:30:44 | AKAN | buy | $0.3269 | long |
2023-01-26 10:30:44 | AKAN | buy | $0.3253 | long |
2023-01-26 10:30:58 | AKAN | buy | $0.3339 | long |
2023-01-26 10:30:58 | AKAN | buy | $0.3339 | long |
2023-01-26 10:46:18 | AKAN | sell | $0.3021 | long |
2023-01-26 10:54:01 | AKAN | sell | $0.4088 | long |
2023-01-26 10:56:29 | AKAN | sell | $0.4768 | 0 |
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