$TNXP Premarket Runs Fades

Identify The Trade

$TNXP was a dumb trade that I made because the rest of the market was just pure raw boring. There was literally nothing moving and volume was dead. So with the premarket movement I saw some opportunity.

Choose The Strategy

With the premarket high made and a fade already occuring I was looking for a morning spike that I could short into, risking against premarket highs and a fade I could exit out of.

Setup, Entry and Exit

Execute The Trade

After a few minutes in the open there was a morning spike that I got an entry from near $1.50 and shortly after there was a slam down to the $1.39 level where I took my first exit. My entry was retested after that but nothing happened, so when the fade came back to my original exit price I took off the rest of my position since the trade was low quality to begin with.