Identify The Trade
$RXII had a little bit of my attention in premarket since it was the only stock that was gapping with a bit of volume. The market has been very slow the past few days, so I've been extra cautious as there has only been one or two plays a day if that and they're rarely A+ setups.
Choose The Strategy
The strategy was to watch the morning spike and see how the stock reacted afterward. Primarily to see if there would be a retest that I could start a position in. My thesis was that the first run of the day would mark the high of the day and ultimately be my resistance point that all other trades would be made against.
Execute The Trade
It was hard not getting in on the initial morning spike, especially after watching it dip back down hard, but I followed my strategy and watched the volume and price action to get my entries so that I could maximize my gain. I ended up taking one entry at 2.10 and a after the high of day retest and fail, I took a second entry at 2.12. Afterward, it was all down hill and it just took some time for $RXII to reach my two price targets.