After setting on my hands for most of Wednesday without a trade it was nice to wake up this morning and finding a nice Tier II Gap in QCOM. I knew that the entry would be difficult and decided on an aggressive entry short off the 2 minute chart just after a green topping tail which price failed to go higher so I entered just below @ 64.04. My 3 Risk unit target is 62.57 which is possible on these types of gapping stocks. I had to set all morning long and watch QCOM go sideways challenging my stop at times but finally the price action headed lower. Price just continued to grind lower finally picking up speed where I felt that I should take 1/3 near my target at 62.96. Price then continued lower in a flurry easily hitting my 3 R target @ 62.57 where I covered another 1/3rd. I was able to do one Add and Reduce At 72.86 but I added too many shares and was forced out of the play at 62.97 just short of my 3 R profit potential. Hard to keep the hands off the buttons when you’re approaching you 3 R target. I ended the play up 2.45 R’s 🙂
