Day 1 late-morning wedge entry on a very low float runner. Not a lot of inst. ownership or short interest, had a PR. Extremely low float under 1M which I am not used to, but it was on my radar premarket because of how tight the range was along VWAP.
I like my entry, I missed the initial run but I wouldn't have felt comfortable chasing. That being said, I sold WAY too soon, and this is to be honest one of my biggest current weaknesses. One option here could be to use a common EMA crossover, perhaps 3/8 Minute EMA cross down, as a means to get out. I know that this is a common short signal, but I don't have a definite answer.
Most of the time, I use a profit target calculated as 2:1 from my risk. However because of all the attention and volatility, I got spooked and sold into any strength whatsoever. On the whole I would love to see more of these microfloats with excellent range.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-09-15 11:35:35 | INDP | buy | $20.570 | long |
2021-09-15 11:40:12 | INDP | sell | $21.070 | 0 |
2021-09-15 11:47:39 | INDP | buy | $23.570 | long |
2021-09-15 11:48:03 | INDP | sell | $23.920 | 0 |
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