#2 & #3
PLAY
MLGO – Momentum Scalps
CATALYST
No catalyst aside from stock repurchase announcement from 1/13/23
TRADE IDEA
Price could touch $4 in premarket
SETUP QUALITY AND VARIABLES
"C"
Chinese stock
No news
Ugly chart, but some strange volume coming in and clear daily targets
Low float
Elevated volume
Old news catalyst
PLAN
Look to get long at break of premarket high @2.80 for potential continuation higher. Stop is break below entry price (1st premarket high of 2.80). This thing is ugly and is moving irrationally so use a tight stop. Price action is very strange but if this continues then $4 could be in play
2nd scalp stop was break and hold below 2.80, looking for $4 max target
REASONS TO SELL
Stopped out
Tape slows
Large seller spotted, wont lift
intuition tells me to bail out
any conceivable reason
EXECUTIONS AND PRICE ACTION
Got long in premarket looking for a tiny .20 scalp for a break of 3.
Target hit, held 20% for potential move higher
Stopped out
After opening selloff, got long after volume expansion and initial premarket high was broken.
Volume expansion continued, looking for $4
Price got weak around 3.80 so I sold. This was a real piker trade. Did not want to push it.
KEY TAKEAWAYS
Pretty dopy “C” trade. The one good thing it had going is that it was moving cleanly and I felt like I could trust it with a tight stop.
Did a good job to keep an eye on it. There wasn’t much else moving in the low float space.
Execution detail:
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