As I mentioned in the comments section this morning,
gappers that are ripping in
pre-market are the ones I focus on. These generally have enough momentum to move price lower (higher).
MICC was my first choice this morning. After the
WOR, it sort of fell into a dead zone of offsets and eventually retraced back up to the declining 10 EMA. The key is to observe a series of lower highs, followed by price/volume contraction at or near the
ORL. At first glance, it doesn't look like much, but if you do the math, you'll see that
MICC was well worth the wait. I don't bother with Fibonacci extensions on really wide gaps.
ARTC, yesterday's
gapper play, set up a 3 PP base, and low risk entry for a nice gain into the last hour.
Today, was mostly a gap fade day as many of this morning's gap downs were quick to take out the
ORH.
