CSIQ was an earnings gap from the Briefing.com gapper list. Not sure where they came up with the name as this is a Chinese co., not Canadian. Anyway, after gapping up, it traded sideways until price and the rising 5 period ema came together. After carving out a NRB on very low volume, price started to expand. I went long before it took out the ORH - mini B&B or a base within a base. Once the ORH was taken out, it ran up quickly to the 50% Fibonacci extension level of the previous day low to the ORH. I locked in a partial and I was stopped out on the balance as price started to retrace following a star with a long upper shadow.
Wednesday, November 14, 2007
Dummy Gapper Trade of the Day - Canadian Solar Inc. (Public, NASDAQ:CSIQ)
CSIQ was an earnings gap from the Briefing.com gapper list. Not sure where they came up with the name as this is a Chinese co., not Canadian. Anyway, after gapping up, it traded sideways until price and the rising 5 period ema came together. After carving out a NRB on very low volume, price started to expand. I went long before it took out the ORH - mini B&B or a base within a base. Once the ORH was taken out, it ran up quickly to the 50% Fibonacci extension level of the previous day low to the ORH. I locked in a partial and I was stopped out on the balance as price started to retrace following a star with a long upper shadow.
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5 comments:
Nice work Jamie. Add in Briefing WL, INOD EXM almost shorted 51.6. Shorted DAKT -9/30" for change. Saw most of the gap downs with 5" IB 20 min after the open continue down: cntf mdth frpt bwtr.
Key is the IB but of course the naz faded at the open.
Jaime would you say gap ups are easier to play than downs? Some say gaps down more more unpredictable.
Thanks
amazing how many times price comes all the way back to the ORH from a 1.618 extension?
sweet trade.
BL,
DAKT was a very nice dummy setup. I find it easier to trade gap ups. Two reasons 1)squeeze, and 2) support vs. resistance. It's easier to find a gap up trading in virgin territory than a gap down. But it's always easier to trade with the market especially under volatile conditions such as now.
QQQBall,
Good observation.
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