-KTOV announced positive news early morning and it was up 50% premarket but essentially the news is about using one drug instead of two for patients. John Welsh made a good call on Twitter that further adds weight on my conviction. The warrants are also producing negative effect to its price. Putting these fundamentals pieces together, my plan was shorting para in the morning.
-shorted 1k shares premarket and covered as part of the plan b/c I wasn't going to hold it into market open no matter what.
-it started spiking when market opened and my initial entry was $5.58 risking premarket high $5.60 over/under and it started collapsing after my 1000 shares was filled and I was ready to add into the pops followed by that.
-I added 1k shares at $5.30 and covered some at the bottom and added 4 times into the subsequent pops and ended up holding 3500 shares with avg $5.18. The super big spike after the open leads me to believe it could fade wholeday but at same time I was aware that it could do AQXP, CRBP type of move so I based my risk at $5.20 level. So if everything goes as I expected it shouldn't go and stay above $5.20 and I was dead right and covered into the washout. Overstay got me into trouble yesterday but on hindsight I should have overstayed it b/c it was going my may!! at least leave some position open but I didn't and by 10:15 I was already up $2200.
-I had conviction it could close near the LOD or even below it so checked back into KTOV at 2:00pm and big volume explosion got me shorted it again and adding position at higher level and ended up holding 3000 shares @ avg. $4.66 with risk $4.70 over/under. It did exactly what I wanted and covered my 2nd half of position before market closed b/c spotting big bidders and made $500.
-EOD made $2700 but more importantly I traded it big but well, was aware of the risk, being disciplined the majority of times and nailed it.
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