Gapper Trade of the Day - Sierra Wireless, Inc. (USA) (Public, NASDAQ:SWIR)
SWIR showed up on my daily scan for 2 IBs (see daily chart below).
This morning it gapped up with a strong opening range. The gap consolidated sideways with a series of NRBs. I entered long as the rising 5 period ema and price were coming close together and down ticks had been replaced by upticks. I took a partial after 3 WRBs at the 38% Fib. extension of the previous day low to the ORH, Trader-X style. Stopped out on the balance shortly after.
DRYS from the WL, gapped up and carved out a low risk B&B at $69.00. Since I was anticipating the markets to fade at anytime, I ended up shooting myself in the foot by exiting the entire position as it retraced to the ORH, leaving way too much profit on the table.
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