Gapper Dummy Trade - Sanderson Farms, Inc
SAFM gapped wide on the open and immediately filled the gap. The key to the setup was a lower high , plus the fact that there was very little support beyond the 3rd and 4
th bar lows. As you can see on the 5 minute chart below, once support was taken out, it was a fast swoon down to the
ORL.
FLS showed up on my NR7 scan of the usual suspects. After a multi pt. move lower,
FLS carved out a V bottom setting up a long entry. Capitulation at the round number $125.00, followed by a V bottom (hammer reversal bar on 15 min.) and huge volume on the reversal. Sweet.
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