AMLN, from the WL and the Briefing.com gapper list, didn't look compelling at the outset, but just before noon, it set up 2 NRIBs (NR7), so I took it short. I had planned to take a partial at the 38% Fib. extension of the previous day high to the ORL, but I sensed it wasn't over because there was no volume spike, so I held until the next bar which had a more meaningful burst of volume. I covered the entire position, because the move was small and I didn't want to risk giving anything back.
Monday, April 21, 2008
Gapper Dummy Trade - Amylin Pharmaceuticals, Inc. (Public, NASDAQ:AMLN)
AMLN, from the WL and the Briefing.com gapper list, didn't look compelling at the outset, but just before noon, it set up 2 NRIBs (NR7), so I took it short. I had planned to take a partial at the 38% Fib. extension of the previous day high to the ORL, but I sensed it wasn't over because there was no volume spike, so I held until the next bar which had a more meaningful burst of volume. I covered the entire position, because the move was small and I didn't want to risk giving anything back.
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