I was testing a new strategy that involves shorting after the first red day. I usually just try to aim for the first day of weakness of multi-day runners, but these things can drop multiple days. So I shorted pre-market to test this idea, and it tanked hard as soon as the market opened. I covered too soon, but no big deal since I had no size anyway.
Entry comments: Bought 1000 shares of TRMR at 2.18 on an intraday breakout over 2.12 with decent volume. Risk is 2.12. Reward is sell into a morning spike/ gap up. TRMR had news on a deal with HULU to provide their platform software or something. Either way this is big cause its HULU. Not a great history of spiking but its never really had a huge volume day, if it does tomorrow and the news spreads I think it could continue to uptrend.
Exit comments: Sold TRMR right after the open. No volume and no attempt for a morning spike so I got out to play it safe. Not a great history of spiking so I wont wait for it to do that when theres no volume. Small loss.
Breaking 52 week high. Seeking 5ATR Limit with a 2ATR ratcheted stop.
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