TOPS Trade on Feb 13, 2023 08:36 from BanalityOfEvil: Tradervue User Stock Trades.

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Breaking News Scalp

Catalyst
08:30:00AM
TOPS
TOP SHIPS INC. ANNOUNCES NEW TIME CHARTER EMPLOYMENT AT VERY STRONG RATE AND UPDATED REVENUE BACKLOG OF $280 MILLION

Trade Idea
Price could touch 2 in premarket or on the open

Setup Quality
C

• Bogus Pump&Dump news rehashing some fundamental data on beaten down name
• seeing some volume come in with clear targets on the daily chart
• low float

Plan
get long on 1st pullback, look to be in the money quickly, sell 2/3 around 1.75 (1st target) and hold remainder to $2 or until 10am when I have to leave the desk. Stop is break and hold below vwap.

Reasons to Sell
targets hit
stopped out
timed out
large seller will not lift

Executions and Price Action
got long as planned, price was slow to move through 1st target, but eventually got there on the open. I was timed out and sold full position. Would have liked to add small size on the test of previous resistance 1.75 for a break up to 2 but had to leave.

Key Takeaways
a decent setup as "C" setups go. was not looking to trade with large size on this as my 1st trade of the week and did not want to get the week started with a red trade, but I could have reasonably doubled my size without fear of risking too much.

decent little trade to start the week