I woke up this morning with two stocks on my earnings watch which were DIS and GILD. DIS scored as a Tier III gap but GILD was a Tier II and if the market was gaping up, which it was not, it would have been a Tier I gap, the best! Well, price action sold off hard at the opening in GILD confirming that sentiment felt it was a Tier I gap which allows for an immediate entry and those who were brave and entered were rewarded handsomely. I waited until the first PSS which did not have enough risk to reward for me, so I passed on the trade. Good thing, price action rolled back upward and continued higher. Soon a small little Doji bar appeared near the 40/60% Fib retracement area. I had a nice 3-1 risk back down to the low and this setup was pretty much everything that I was looking for so as it triggered I was in short at 97.31. It took about 45 minutes of SOH (Setting on Hands) but price finally made it down to my 3 “R” (Risk) unit target where I covered all at $96.14. Believe me, it’s hard just to set there and watch as I thought many of times in this play, that I was going to take a full stop out. Hurray, my patience was rewarded this morning handsomely!
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