Identify The Trade
$BIOC had been busy for a day or two already so I was actively keeping my eye on it, but when it started running today with an intra-day trading halt just below $9 I became interested. $BIOC is a name that I know well, it runs and dies constantly, so many people would be watching it.
Choose The Strategy
The strategy I wanted to use was based off of the intraday gap that formed from the trading halt. After the halt, I would wait for the high to be made and then get an entry nearby that high with an acceptable distance from my risk level. The target would be at and below the gap zone.
Execute The Trade
My entry was at $9.60, an impatient entry, as it was right at the first high. Had I waited for the retest I wouldn't have been stopped out so easily. Regardless, my risk level was broken into, I didn't take any extra risk and covered the position.