I couldn't find any good gapper setups this morning so I quickly ran through my usual suspects. After a quick look at X, I realized that I had missed one of my classic bread and butter entries on a three day consolidation breakout. The only thing I could do at that point was wait for a consolidation as the move was well underway and I didn't want to chase it. I took a long entry after a NRB printed on the 15 minute timeframe. Since X was already up a dollar, I kept a close eye on it as I didn't know how much further it could go on a Friday. As soon as I had a dollar gain, I closed my entire position. That was it for me. I don't particularly care for Friday afternoon trading as it is often narrow and choppy. My exit was almost perfectly timed because after tagging $67.00, volume dried up and X had a stair step decline for the balance of the session.Three day consolidation breakout - After a sizable price rally, the stock consolidates the move in its upper range for three (or more) days, before breaking out again.
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