This is for me a bread and butter opening day trade off of a gap. The basis for this setup is not only in the gap pre-requisite but also how its behaving premarket. I like to look for these kinds of opportunities because I think they entice early short-sellers who try to short directly out of the open. It's not a bad thesis, but the timing is off. If it was as easy as simple shorting gappers at the open, even if they're selling off into the open, everyone would be rich.
So basically this is a small short squeeze opportunity and is my most consistent setup by far. It's a fairly quick play, but I keep very tight risk using ATR values, which I then use as basis for my profit target as a multiple.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-09-16 09:30:30 | ANY | buy | $6.860 | long |
2021-09-16 09:32:05 | ANY | sell | $7.005 | 0 |
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