I had this on my list from action yesterday and noticed it was gapping on my pre-market scan. I watched this on the 3 minute chart for a short entry as it looked weak out of the gate. When it went red I shorted with a stop just above the previous day close. It immediately bounced back up and I was stopped out. At the time I thought I was playing an ORB, but on review I see that this did not form a proper ranger with those 1st three candles. I was right about the direction of the stock, but I did not wait for a proper setup for entry. I should have re-entered, but I think I was in shock a little after how quickly this kicked me out!
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2014-01-30 09:41:59 | ORMP | sell | $25.880 | short |
2014-01-30 09:42:30 | ORMP | buy | $26.110 | 0 |
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