PCG Trade on Jan 15, 2019 09:30 from math_psycho: Tradervue User Stock Trades.

TICKER: PCG
BIAS: SHORT
SUPP: 6.00 (pre-market)
RES: 8, 8.50
GAP%: -9.2
AVGV: 13.3
ATR: 1.71
FS%: 2.51

NEWS: PG&E (NYSE:PCG) says it is files for Chapter 11 bankruptcy to "support the orderly, fair and expeditious resolution of its potential liabilities resulting from the 2017 and 2018 Northern California wildfires." The company says it does not expect the bankruptcy proceedings to have any impact on its electric or natural gas service. Wildfire liabilities that are estimated to be as high as $30 billion — far exceeding the company’s market value of less than $10 billion.

PLAYBOOK TRADE: This was setting up for a GAP DOWN BREAKOUT SHORT trade. This is a scalp trade for 70-80% of position with a longer long for even and possible re-rentry for an all day continuation to the downside.

NOTES: I saw the sellers coming in on the tape early with a $6.35-6.50 resistance. I shorted at $6.27 and almost immediately was in the money 70-90 cents. Took 80% partial at good levels off of a perceived support at $5.00 and held the rest for break even. Took another couple of tries for the $6.00 break after the halt and trading resumed.