My other play of the day came in LVS which was on my down gap list this morning 15 minutes prior to the markets open. I had it as a Tier III gap down but upon looking at the play this afternoon, I could have play it long from the open as one of Pristine’s Gorilla play’s known as a Gap n Snap play inter-day as price setup a beautiful 123 entry long on the 5 minute this morning.
5 min LVS 05082014
As the market was starting to roll over I was looking for a short play and since LVS was setting up at it’s prior day close, an area of Major Support, I found my self entering short @ 76.79 with a small share size as the 15 minute sell triggered. Within minutes I was already up .40 cents on the play as price sold off hard with the market. I had my first long target @ 75.66 where I covered my shares only to watch LVS go to 74.27, Ouch! Anyway, I still got a full dollar out of the move, I just wish I had a larger share size. My batting average has been about 50% but what has improved is my ability to reach the longer targets which is key for profitability. I have to give give credit to making sure I have a tradable void on the 60 minute chart while scanning for my daily plays. You have to check your lower time frames to make sure you’re not trading into a “Wall of China” or an area of consolidation that looks more like a bed mattress with price having little chance of moving through the area to your longer targets. I’ve made it a priority that all of my plays need to have at least $1-$1.50 void in the direction that I want price to go or I leave it off my list.