AKAN Trade on Jan 26, 2023 10:30 from BanalityOfEvil: Tradervue User Stock Trades.

#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
“C”

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.