I found VZ on my Gap down list this morning, when scored it really did not make a Tier III, but with Friday’s big green bar on the daily, VZ was a very nice looking Gap Down Surprise. I’ve forced myself to remember to put these types of plays on my list as they can be the genesis to a really terrific play. VZ got my attention early as the first green bar was taken out by a red bar, this bearish 180 reversal is an excellent morning entry as price is already demonstrating confirmed weakness that a trader can take advantage of. I entered with a full share size as the low of the first 5 minute green bar was taken out @ .22. My first target was hit finally @ .02 but I had to be patient as price action was rather slow going lower. I covered another 1/3rd @ .94 and my last 1/3rd as price excellerated lower into 10 am reversal time. Now the mistake here was not waiting for a green bar to close on the 5 minute chart. I gave up another .30 cents lower because of this, I should have waited for a 5 minute green bar to form and then wait for the high to be broken. Great play but it could have been awesome!
1 Response to Gap Down Surprise in VZ made for a nice play this morning