Identify The Trade
$CLRB was a very obvious stock in the premarket with a gap up that is rarely seen, over 1000%, an insane move upward. The craziest part was that it managed to hold most of the spike into the open which presented a unique opportunity.
Choose The Strategy
The historical price movements of $CLRB offered no resistance or support zones at the price it was trading other than the pre-market chart which is where I found my $13.50 risk level. This is a higher risk trade than normal, so that meant downsizing my risk by taking a smaller share size entry. The advantage on my side of this trade is the infinite lower lows that CLRB has made throughout its daily chart history.
Execute The Trade
At the open, $CLRB tried to run up to previous premarket highs, but the first 3 1 minute candles all had heavy sellers holding it down. In addition there wasn't much volume to keep the price moving up. This led to some very heavy selling and my first exit point being reached 3 minutes later. There was some additional struggle making a solid break through $10, but after it broke, $CLRB went almost straight to $9, reaching my 2nd exit about an hour later.