I attempted two long plays in GILD today which I found on my gap list this morning. GILD was not an immediate play, I just needed to wait for the proper entry. My first attempt was a failed buy setup near the rising 20 ma, once my entry bar closed red, I just killed the play, no sense taking a full R loss here. Finally, GILD triggered at 15 minute buy at 12:30 pm, I zoomed down to the 5 minute chart to perfect my entry and I finally entered at 1:10. GILD move up nicely at first allowing me to move up my stop on a two minute pivot area but by 1:35 price action started to sell off hard with the market taking out my stop. Price action did correct itself and GILD did move up higher but I found it hard to re-enter the play since the market was selling off hard during the same time. Here is the chart for my long play in GILD…
GILD