IMMX Trade on Dec 14, 2022 09:43 from BanalityOfEvil: Tradervue User Stock Trades.

PLAY

Opening Momentum Scalp with News

CATALYST

@8am Immix Biopharma shares are trading higher after the company announced it has in-licensed BCMA-targeted next-generation CAR-T therapy NXC-201 with 85% ORR and 71% CR/sCR at the therapeutic dose from the first 20 patients in an ongoing phase 1b relapsed/refractory multiple myeloma ongoing clinical trial.

TRADE IDEA

IMMX will touch premarket high of 2.50, which is also a major demand level from July 2022

SETUP QUALITY

B – above average news catalyst but IMMX has been choppy in the past. The daily chart has quite a few wicks on gap-up days so I do not expect this to follow through past target. Price is churning with extremely high volume. Liquidity will not be an issue on this, but I expect a fair amount of market maker manipulation (stock is trading super thickly).

Low float – 5.9M
High Volume – 19M shares traded since premarket
Clear Levels on the daily
Reasonable respect being given to premarket levels
Fresh News
Churning a bit, high HFT participation
Previous MOMO stock
Futures are not selling off
VIX over 20

BIG PICTURE

The markets have been bearish, this symbol has a history of choppy action, relative volume is high, and intraday chart is fairly clean. Futures in premarket were flat and there were no other gappers. Relative to the other gappers, this is showing the most strength. Participation on the day will be light until the Fed releases its statements at 2pm.

PLAN

Get long after the opening bell if immediate premarket resistance is taken out. Look to get long on the first pullback for a quick move up to 2.50. Sell full position at 2.50. Stop is a break of VWAP.

REASONS TO SELL

• Price action is too heavy/slow (timed out of trade)
• Extra-large offer will not lift when price is below target
• Target hit
• Stopped out.

EXECUTIONS AND PRICE ACTION

@ the open, price breaks slightly below vwap but volume starts to pour in. VWAP is quickly reclaimed and premarket immediate resistance area at 2.10 is recaptured, holding with volume.
@9:43 got long, bidding for price in the pullback, consolidating above vwap
@9:53 target is hit with largest volume candle of the day, offered shares, filled @ target

KEY TAKEAWAYS

Good trade. Consider increasing size when there is so much HFT participation and volume. Liquidity issues and volatility spikes are not likely in this kind of thickly traded setup unless it is past 11am.