Pattern: HIGH, HIGHER LOW, HIGHER LOW & FAIL SUPPORT
$NEOS had drug FDA approval today and stock jump from $9.42ish upto $15.90 premarket. It's on my watchlist... I like stock move big..
I am not much of premarket trading, so I sit and wait for setup come to me. I saw the high($15.90), higher low($15.77ish) and another higher low($15.42). All these happen on the premarket. My plan is to short base on those three value but market open and start to sell off from $15.19 and keep coming down. I draw a line across $14.56 base on those support level. If the support level fail. I'll start in short.
I start in short $14.49 risk $14.56. It slam down to $14.22 and come back to $14.56 and start to come down hard. I cover 1/2 at $14.01. I like to cover before the whole dollar and half dollar. Another big wash down to $13.27 and come back up so I cover the rest at $13.42. I make over $1.00 profit within 10 minutes of trading.
That is pretty good profit and I didn't realize I had miss another drop over $1.20. Lowest is $12.13.. But It's a good trade overall.
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