Daily timeframe
15 minute timeframe
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I ran a gapper scan shortly after 10:00 EST this morning. Most of the names that came out were too far gone so I set them aside as possible pullback plays. MTH was consolidating its gap up. A quick look at the daily view showed that MTH had cleared its pivot point resistance (pivots are marked by pink arrows on the daily timeframe). I took a long position on the 7th 15 minute bar (NR7) which as you can see was very low risk. I set my stop 10 cents below the low of the previous 15 min. bar. Price took off shortly after my entry. I booked 50% of my profit after a 1+ point gain as volume was declining. I sold the balance of my position on weakness in early afternoon.
P.S. - I have personal business to attend to, so this will be my only post today. See you back here tomorrow night. Good trading!
Questions on NR7 - refer to Trader Mike's excellent post on NRB and Range Contraction by clicking here.
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