Nice little trade in PG

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  The last two days have been a grind while the market waits for Wednesday's FOMC announcement.  My trade today is very similar to my trade that I took yesterday in the market in the QQQ where I made .25 cents.  Today I found PG on my gap list, gaping on some news of a buyout.  I made sure of the reason for the gap because earnings gaps are the most reliable and I had rated PG as a Tier II gap which allows for a 5 minute entry.  I checked the news on PG because I wanted to make sure that PG was not an ADR which would mean that PG had been trading overnight in Europe and the gap could be a result of the European session, which means the gap would be unreliable as far as creating shock.  I thought that PG would sell off at the open, which it did, as I just watched the overall market QQQ for some type of market direction.  As the market price action became bullish I noticed that PG had bottomed out after it's sell off forming a W in it's price action easily seen on it's 2 and 5 minute charts.  Once price action broke the crown area I just waited for a pullback to enter.  Finally a nice PBS formed on the 2 minute chart which I entered and as price moved up 7-8 cents I moved my stop to breakeven only to watch price action come down and stop me out.  Price immediately recovered so I re-entered the trade and as the market finally broke out to the upside, it took PG with it as I was able to take .19 cents rather quickly.

PG 06162015
PG 06162015

        

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