BPTH Trade on Apr 18, 2024 09:33 from Rad_Trader: Tradervue User Stock Trades.

Trade Review

Play: Gap and Crap Reversal on a biotech RS

Big Picture:

• Was a reverse split back in February and hadn't pumped yet on any major volume, it squeezed up to $6.39 from the low $2s in the first run
• It's PR was: Bio-Path Holdings Announces Successful Completion of Higher Dose Second Cohort in Phase 1/1b Clinical Trial of BP1002 in Refractory/Relapsed Acute Myeloid Leukemia (AML) Patients
• Had a nice support level at $4.85 and it held to a T
• Liked the range and the likely hood of shorts looking to cover near that support

Scanner:

• SPY Gapping down continuing the current downtrend
• Reverse splits heating up and BPTH one of the top percent gainers on the scan

Technical Analysis:

• Float: 1.56 mil
• Support: $4.85
• Resistance: $5.78 and $6.39
• Dilution: ATMs with $10 mil and a baby shelf

Intraday Chart:

Thesis for the trade:

Was liking the support level $4.85, clean chart for me and fit my setup very well. It held perfectly and had a tight risk and solid R:R

Trade Management:

I managed my sells well, one of my best trades based on my executions, sold at my price targets could of held some for the PM highs, but not many stocks had been hitting those levels

Price Target(s): $5.30s, $5.78 and $6.39

Stop: $4.85

What Do I Need to Improve:

Letting some run after hitting my first two targets

Thoughts on the Trade After Being Executed:

Just wish I had held a little extra for the next leg up, but everyone does. Will be more confident in these setups when they're hot.