RMBS showed up on my Trade_Ideas gapper scan yesterday morning. I missed the first two trading opportunities, but having read Briefing.com, I knew that RMBS was moving higher due to a favorable litigation outcome. After a power scalp at lunchtime, it started consolidating in a narrow range so I kept my eye on it, alternating between multiple, intraday timeframes. From the 10 minute timeframe above, you can see that I entered long just before the consolidation break on an uptick in volume. This is the ideal way to trade RMBS, because once the break occurs, it moves really fast. The exit was quick (average price $19.15), because, as you can see from the noon breakout, the pullback was quick and severe.The 1 minute timeframe below shows how volume dried up during the consolidation phase and started to pick up around 2:05, just minutes before the break.
2 comments:
but having read Briefing.com, I knew that RMBS was moving higher due to a favorable litigation outcome.
...that's why I like reading stories on Briefing.com, etc. Check WFR on Briefing too.
Hi BL,
My point about RMBS is that intraday comments on Briefing.com can add momentum to stock. Also check the comments for CFC at 2:44 and look at the chart. These types of intraday Briefing.com "stories" can add extra profits to your regular trading day.
The WFR Briefing comments were pre-market and the stock was trading on earnings. It also showed up on my gapper scan so I categorize it as regular fare along with analyst upgrades and downgrades. WFR was one of the better gapper setups yesterday and congrats if you traded it!
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