SPY gapped down big but rallied immediately. It then formed a beautiful bull flag with support from the daily pivot. Beautiful price and volume contraction when the flag was formed. All the MA's converged foreshadowing a nice expansion. Price broke out of the pattern on volume. I entered based on 5 min. chart after the breakout bar closed strong. Price reached 100% extension of the pattern. I sold half of my position on the way to book some profit. Exited remaining a little before $100.
ICE rallied with the indexes forming a WRB. The next bar met resistance at PDH and the flat 5 DMA. Wait for the price to consolidate under the 5 DMA before taking any position. It then formed cup and handle pattern. Buy limit order entry was above PDH. Exited when price met resistance from R1.
4 comments:
Very nice trading! Good eye for catching the spy.
Personlally I don't like gap reversals, don't handle these type of tradings patterns well.
Nice. Everything gapped down...then reversed. Love it when stocks are upgraded, gap down with the mkt, then come roaring back: TGT. UYM and UDN nice correllation at the open, etc.
Same here Addict with the gap reversal esp. if the gap is big like yesterday's. Most of the stocks were within their previous day range.
bl:
Looks like you had an excellent trading day.
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