Wanted to do a quick write up on what I saw in BIOC that made me enter this trade and how I timed my exit on this trade.
This was my third entry on BIOC in the past month. This stock consistently has large volume spikes and then finds it was back to $1.00 range within a few days. I saw on Monday that the stock was trading between $1.00-$1.01 and decided this was an ideal entry for this trade. Very low risk as I set a stop loss at $0.97. So I was only risking a 3 cent move to the downside for a very large upside.
Here is the intraday chart from Monday and where I entered and alerted this trade entry at $1.00. I scooped up 9,000 shares at $1.005. I went with a market order here because I wasn't confident I would fill right at $1.00.
This stock can be tricky to exit because there are a lot of times it sells off pretty hard after these pops but there are also a lot of times where the stock continues to run further. My plan with this one was to wait out the 1 minute chart and sell on the first red 1 minute candle. I did just that and was able to capture 25% profit on this trade and exit with over $2,000 banked on that trade. Hope this insight was helpful, feel free to ask any questions!