AMRX Biotech earnings Today LONG
Updated
AMRX is a penny biotechnology stock with earnings out on the Friday the 4th.
As you can see on the 15 minute chart, it took off out of consolidation on
Wednesday afternoon in a burst of price volume and volatility into an
ascending parallel channel.
I will buy the stock in the pre-market attempting to exploit the momentum
going into earnings. If there is a miss, I will quickly liquidate and instead
buy put options expiring on 8/18 striking $ 5 and get as many as 100 of
them. This will be a highly risky trade albeit with a comparable reward.
I will position to 0.05% of my account cash balance and no more.
As you can see on the 15 minute chart, it took off out of consolidation on
Wednesday afternoon in a burst of price volume and volatility into an
ascending parallel channel.
I will buy the stock in the pre-market attempting to exploit the momentum
going into earnings. If there is a miss, I will quickly liquidate and instead
buy put options expiring on 8/18 striking $ 5 and get as many as 100 of
them. This will be a highly risky trade albeit with a comparable reward.
I will position to 0.05% of my account cash balance and no more.
Trade active
Idea validated 22% pop - small position for derisking strategy but nice to havemade some beer money for the weekend. Congratulations to all who took the risk.
Note
Nice brakeout above the parallel channel Half off and half to run Contracts hit9X in several hours-closed altogether.
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