KR gapped up and carved out a mini base on the 1 minute time frame. I micro managed this trade because gapper longs often don't have much muscle in this bearish market. Basically, I'm allowing for a retest, but once price moves in earnest, I'm looking to exit on the first sign of weakness. After the retest, KR broke out of the second base and had a nice run. As it formed the third base, it printed a higher high and immediately retraced. That third base is a three point base and if it fails price can reverse sharply so I tightened the stop and was stopped out.The top is just pennies shy of the 38% Fibonacci extension of the previous day low to the ORH - Trader-X knowledge.
4 comments:
Jamie,
Funny that you traded KR. I threw your pre-market list into a quote window and did a quick filtering pass at the open. When I got to KR, I thought "... Kroger, a $26 grocery store stock, DELETE...". I totally missed the trap action on the daily. Personal biases are no good in trading.
Jim,
LOL, Dummy trading 101 - I wasn't sure what KR was other than retail.
AAPL looks good for tomorrow - IB inverted hammer. 72 76 S/R. I suspect it will try to rally back up to 50 DMA.
Been looking at $2 premkt(13): apa scor leap. Nice trades Jamie and thanks for premkt list.
BL,
ROYL was good too. Once it took out the pre-market high, it rallied 2 pts. Not bad for a $12.00 stock.
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