Came to within a penny of stopping me out and then ended up being a nice winner.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2013-03-08 09:33:04 | SKUL | sell | $5.480 | short |
2013-03-08 09:33:45 | SKUL | sell | $5.480 | short |
2013-03-08 09:33:45 | SKUL | sell | $5.480 | short |
2013-03-08 10:24:45 | SKUL | buy | $5.330 | short |
2013-03-08 10:55:13 | SKUL | buy | $5.210 | 0 |
Thank you sir.. Check out pristine trading and G6 trading. They are gap focused :)
Derek this pattern is so hot! Without a gap, it also works really well as a continuation from a downtrending day the day before. Checking out my trade in SINA from a few days ago, basically the same pattern but w/o the gap and I hit it on the bounce instead of the first candle. Would have been the third candle in your case. I wonder which way is better! Seems like hitting that bounce would avoid the risk of stopping out but then again if it just flops on its face you miss the trade. Hmmm...
I look at these as momentum plays kind of instead of bounce plays which is why I play them under whatever the immediate opening range is of the first 2' candle. The only way I play these as a bounce short is maybe if it bounces to a whole number after a drop off and it wont lift the ask. I agree very powerful setup though but I still got some work to do on this to see what works best..
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I like your kind of trades. Do you know any good blogs for trading gaps that you can post?