GNS Trade on Jan 30, 2023 08:59 from BanalityOfEvil: Tradervue User Stock Trades.

#1

PLAY
GNS – Premarket Scalp/Opening Drive

CATALYST
07:00:00AM
GNS
GENIUS GROUP BOARD APPROVES $37 MILLION SPINOFF OF ENTREPRENEUR RESORTS LTD

TRADE IDEA
Price could touch 7.36 intraday

SETUP QUALITY AND VARIABLES
“C”

Overhyped GNS is gapping up on garbage news, reclaiming technical levels from last week after it announced a “naked short” investigation. Price action has been tricky, and this could pull back to 5.30 area on the open if it does not hit target in premarket.

Low float 11M shares
Fresh news is a bit far-fetched
Former momo
Clean daily chart (resistance from 6.27, 6.80 and 7.36)
Premarket/multiday support 5.20-5.30 area

PLAN
If premarket scalp fails, then scale out majority and wait for open. If open sells off, then attempt 2nd entry if price consolidates between 5.20 and 5.30. Stop is break below opening consolidation.

REASONS TO SELL
• Stopped out
• Price action weakens
• Target hit

EXECUTIONS AND PRICE ACTION
Premarket scalp failed when price could not reclaim 6.27 from last week. Sold majority and held small size into open.

Took size in planned consolidation area and scalped out of some to make up for small loss.

Added back to size when volume started to come back in after consolidation.

Price went limit up. Upon reopening I sold when price failed to go limit up 2x in a row and price weakened. Gave it a chance but did not want to screw around since this was obviously not a good setup fundamentally.

KEY TAKEAWAYS
“C” setup due to catalyst and previous price action. Difficult to trade. Sized this responsibly and planned accordingly for opening selloff/consolidation

Good job scalping in consolidation to erase small loss

Good technical analysis