The set up. 8 Days up. Many wide range bars including the last one. At new highs, (through resistance) My second favorite gap play Novice/exhaustion gap I was looking for a gap up and push up in the morning to short
Pre market 100 tick chart Yesterdays close was 25.00, HAR ran up to in the first few minutes of the pre-market I missed this lower high, because I dont get up that early I shorted this lower high, HAR was still trading ~ 4.00 over yesterdays close after 8 days up. Reduced stop here. Exit here on the break out.
After the open Trade #2, As good as it gets. The gap up and rally I was looking for. Short entry here, stop over high of day. Reduced stop and added additional shares here. Reduced stop here. Exit here, Yeah
Summery First trade, premarket Entry 28.75, stop over (.75 cent risk) Exit ( 2.50 profit, or 3r) Trade 2, 9.40 am Entry 26.95, stop over 27.75, (.80 cent risk) 2 nd entry 25.75, stop over Exit 24.00, (2.95 profit on first shares and 1.70 on additional shares) The add/reduce concept allowed me to essentially double my size and eliminate all risk.
Another view. If I were only smart enough to hold on I got out here with huge profit because that was my play. This chart makes me think about holding on to some next time I entered here because of the daily extension and the gap.
Now that was a nice gap. 8 days up It was here in the pre market Gap up and run up