My play of the day came in MS which I found on my gap play list as a Tier III type mortgage gap. As the market closed its first hourly bar with a red topping tail bar, I figured that the market would put in a second hourly red bar and therefore I was on the lookout for a stock that looked similar. Disney was my first choice but it was already down 10 hourly bars which is way past my 3 bar minimum to continue to play a stock in the same direction. Then I noticed that MS had closed its first hourly bar red after gapping up almost engulfing the prior days red bar. My method tells me to expect a 2nd red bar so when MS started to break down below the low of the morning I shorted MS @ .07. Price moved down rather nicely but then price action closed with an inside doji style bar on the 5 minute chart. As price finally took out the top at .03, I was forced into covering 1/2 of my shares with just a small profit. 10 minutes later MS triggered a second sell on the 5 minute chart where I added back the shares short and price moved lower in a flurry. My price targets @ .01 and .77 were hit where I covered 3/4 of my shares. About 30 minutes later another sell had triggered where I added back and reduced my stop but within minutes my breakeven stop had been taken out. Price finally did roll over again but since it was near lunch time I decided that I had taken enough out of MS for the morning....
TraderHank’s most used Tags5 minute buy 5 minute Sell 9:45 am play 15 minute buy 15 minute sell AAPL AIG ALL AUDUSD Breakout C consolidation COST Counter Trend Day Trading EBAY ES FB FSLR Gap Gap continuation Gap play GILD HD Hourly sell JOY JPM LLY MET MS Options Price Action PSS Pull Back QQQ short Short play Sideways SPY TGT Tier II Tier III UAL update uptrend