URGN (UroGen Pharma Ltd) offers an objective short entry on this break down below these intersecting uptrend lines following the most recent divergent high. The price targets are T1 at 44.95 & T2 at 37.20 with a maximum suggested stop (for those targeting T2) on any move above 59.00. Due to the aggressive nature & somewhat volatile nature of this biotech stock, the suggested beta-adjusted position size is 0.70.
As this stock is thinly traded, limit orders should be considered in lieu of market orders. Typically, when using limit orders for the opening order of a short trade, I will split the difference between the bid & the ask price, then place my order slightly closer to the ask price anywhere from 55-70% of the distance from the bid to the ask although every stock is different. Interactive Brokers also offers adaptive market orders where they will “fish” the market order around on thinly traded stock in an attempt to fill the order at the most favorable price whereas normal market order can be filled at a less favorable price.
props to member @koolmoto for mentioning URGN setup in the trading room last week: https://rightsideofthechart.com/members/koolmoto/activity/33496/