Hello, Barrie Einarson here from Trade Ideas with another exciting edition of “What Makes This Trade Great!” Today, we’re diving into a real wild one: MLGO. What a ride this stock has provided! Let’s break down the thrilling journey of MLGO in detail.

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We initially spotted MLGO in the pre-market session, and there was some buzz around it. MLGO appeared to be involved in a deal with another company called WI MI. Now, some might argue that there wasn’t much reason for MLGO to skyrocket the way it did. They’re probably right. But as we all know, the stock market doesn’t always need a logical reason to make such moves. Our job as traders is to react to what we see happening in front of us.

The stock showed a lot of activity in the pre-market. Typically, I avoid trading in the first 15 minutes after the market opens. However, today was an exception. As MLGO broke through its pre-market high, I decided to dive in.

Here’s where it gets interesting: the stock got halted almost immediately. Usually, a first halt is a good sign, indicating strong upward momentum. And boom! I got rewarded handsomely as the stock surged.

I entered the trade just as MLGO broke its pre-market high. The excitement was palpable:

• Pre-Market High Break: This was the trigger point where I decided to take a position in MLGO.
• Immediate Halt: The stock was halted right after my entry, signaling strong

After getting a substantial reward, I exited most of my position around the $7 level. However, MLGO had more in store. The stock soared to $8 before pulling back.

I had a hypothesis: if MLGO could take out the highs around $11.60 later in the day, it might have another run left.

Fast forward to 11:40 AM, about 20 minutes before my break. MLGO was on the move again, and I decided to enter a position. This was more of a gut-feel trade, based on instinct rather than strict technical analysis. And guess what? The stock surged from about $11.40 to nearly $15!

1. Pre-Market Activity: Pay attention to stocks with significant pre-market activity.
2. Breaking Highs: Use breaking pre-market highs as potential entry points.
3. First Halt: Understand the implications of a stock being halted — it’s often a sign of strong momentum.
4. Trust Your Instincts: Sometimes you need to trust your gut, especially in a highly volatile market

When trading a highly volatile stock like MLGO, it’s crucial to stay glued to your screen. The market can shift rapidly, and you need to be ready to react. For instance, right after my gut-feel trade, MLGO’s trajectory changed dramatically.

For those curious about how to spot such opportunities, you might be wondering where you can see these stocks in action. Tools like Trade Ideas can highlight stocks like MLGO front and center. Here’s a sneak peek at my scan setup:

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Scan Characteristics

• Front and Center: MLGO remained at the top of the scan for the entire day.
• Watchlist: Other potential movers like VST also made it to the watchlist.

Today’s journey with MLGO was nothing short of a rollercoaster. From pre-market excitements to mid-day gut-check trades, the stock provided ample opportunities for those attentive enough to catch them. As always, while the thrill of the chase is exhilarating, it’s essential to stay disciplined and stick to your trading plan.

Trading is never a sure thing, but understanding market behavior, trusting your analyses, and sometimes your gut, can lead to rewarding experiences. Here’s to more wild rides on the trade market!

Barrie Einarson signing off. Have a great evening, and we’ll see you tomorrow. Try Us Out Today