My next play and last play on this Friday, March 15th, 2013 was in JPM which I found on my GAP down list as a Tier III gap in which the entry must come from a compelling intraday pattern which occurred after lunch. JPM had rallied hard after gaping down at the open under yesterday's sold green bar trapping all the longs from yesterday. When you see the chart below, you will notice that JPM was being bought into the close and I'm sure that many held overnight expecting JPM to gap open to the upside. Many traders were caught off guard when JPM gaped a full dollar from it's closing price yesterday. As price moved up into yesterday's price action, buyers started to unload their stock and price rolled over triggering a 15 minute sell which I gladly entered short. I took the elevator down, JPM gave me 6 red bars to the downside allowing me to take some nice profits on the way down. I did not hit the glory T1 area as the market did (QQQ) but I did have a nice 2 risk unit profitable trade on a Friday afternoon. With this last trade of the week I had a perfect trading week, not 1 loser, All winners 🙂 Have a great weekend everyone!
