Fading the gap is my second best setup to trade after Base breakout. $BHI is one of the names which was gapping up premarket and was on our watchlist premarket which we had build in our free online live free trading room. A thing to note on $BHI daily chart was the downward trending 200 day moving average and also price of $47 which was a key resistance on the daily chart. Initially I was looking to go short this name as long as it was below $47.
Once I saw the break of support on the 5min, your truly pounced on it and made a quick 4-4.5R reward to risk trade on it in just under 10mins. I lot of people have been saying markets are slow and boring and what not and it’s stock picker’s market. But my question is when has it been not a stock picker’s market. As a trader, you ought to be in the right names, if you are, then it will give you multiple opportunities to get in and make money from these markets. If your having trouble in being in the right names, drop by our free online live trading room for idea generation.
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