PIK Trade on Mar 28, 2024 09:38 from Rad_Trader: Tradervue User Stock Trades.

Trade Review

Name of the Play and Description: First Green Day, looking for a big outlier on day one lots of volume, if the day 1 can hold above the open the better. It doesn't have to be a multi-day move, as long as there's a massive volume in comparison to the daily and give me reason to believe that there will be shorts to cover later in the chart. Then like to see it fade at least two days before looking for a FGD. Ideally have an early entry around key daily support and swing into the FGD gap up or play around the premarket or market open for a continuation.

What's the Macro: Micro floats are starting to heat up again, PIK had been consolidating for awhile around the $4-$5 channel before breaking support on low volume, leading to believe that it wasn't really a valid move and there was an anomaly. Had a 3 day fade each day with less volume than the previous. Had a doji, day of indecision then gapped up big the next.

Scanning (what was it doing on the scan): Had a pretty big gap up about a 100% gap up to the premarket high of $6.55. Didn't have any news that came out, just likely shorts covering.

Intraday Fundamentals: No news, gapped up, the volume in premarket gave reason for more shorts to short it and at least cover some into previous support.

Technical Analysis: Support was at $5.11 and was showing some extra buying there, liked the drawdown on the 15-min and how it was setting up on the 5-min. Was playing it like a gap and crap reversal since I missed the early entry. I had taken it off my FGD watch as it was looking weak, good note for others like this.

Insert intraday chart here with support and resistance lines from daily and premarket:

Patterns in the Tape: Bids kept coming in and holding around the $5 level

How could I have done better or what did I learn from this trade: Could of had this on my watchlist and been playing the early entry, was honestly a failed

Did I stick to my plan/risk or move my risk mid trade: Yes, overall I did, I did sell earlier than my 1st target VWAP as there was some heavier selling on the tape

Target: $5.60

Stop: $4.85