From the Briefing.com gapper list, ANN had good pre-market volume and price held in the upper range of the PM spike. Entered long as soon a price closed near the ORH after establishing support from the rising 5 period EMA. I think this is another good example of a Trader-X style trade.The preliminary target was the 38% Fib. extension of the previous day low to the ORH. I was stopped out shortly after when I saw a gravestone doji stick.
Several nice trades from the HCPG trading list which I'll post later tonight.
2 comments:
Did you just enter at market when 9/15 bar completed? Why not wait till that upper tail was taken out, or just the ORH?
Thanks.
RZ,
No, I was watching on the lower timeframe. 9/15 broke out on higher volume and price came back to retest the base. That is usually a good time to get in if the base holds as support.
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