Identify The Trade
$WMLP have a 150%+ premarket move, so it was immediately on my radar and it was the only stock to make it on my radar, so the focus for Friday was solely on this stock. It is a very, very low float company so extreme caution needs to be taken, risk needs to be respected
Choose The Strategy
The premarket chart showed that it was possible the high was already in and the stock had already started to fade into oblivion. But given the recent pumps that have had weird price action, my strategy was to trade against the highs on the existing chart and respect that risk. The price action at the open was really choppy and strange, but with a double top in the $5.50's, that became my risk level for a trade.
Execute The Trade
I got an entry at 4.85 after a few failed attempts to breakout. The volume was very, very low and dropping fast, so after one final breakout attempt with pitiful volume, the stock moved lower fast and reached my exit targets quite quickly. I wasn't very confident in this trade, but I followed the rules and respected my risk and got a good risk:reward return.