$HYRE Morning Spike Fade

Identify The Trade

$HYRE was a very sktchy opportunity on a very, very slow day. There was a gap up but with basically no volume. So with nothing else on the list, this was the only stock to stare at.

Choose The Strategy

I was looking at the premarket highs to take a short position against, but since there was no real resistance there, I decided to use the whole dollar level for a short against $4.

Setup, Entry and Exit

Execute The Trade

The stock shot up to the $4 level and I got a position against it and was very ready to close the position as the stock continually went over and under the level, but surprisingly $4 was given up and $HYRE shot down. However, I was shaken out of things with a retest of my entry price.