Dummy Gapper Missed Trade - Garmin Ltd. (Public, NASDAQ:GRMN)
I was focused on stocks gapping down so I missed this setup on GRMN. Hope some of you got involved. Just wanted to post this chart so I can have it for future reference.
JASO was a failed bear flag pattern. Price breaks out and then flattens out due to lack of volume and prints a couple of hammers so I exited. That was a good thing, otherwise I would have been stopped out as it took off on a momo move to the upside.The bull flag near EOD moved like a flag pattern should.
After a period of very low volume, ACI moved above all three MAs and I felt like it would at least test the PP (first blue line). It did considerably more than that and by late in the session, it was testing last week's highs.Labels: Bearish_Flag, Bull_Flag, Gap_Fill
posted by Jamie at 2/20/2008 05:11:00 PM
![[Valid RSS]](valid-rss.png "Validate my RSS feed")
12 Comments:
I too watched GRMN today and was wondering if it's more profitable to short the gappers that can't hold the 20EMA on the 5 min chart. Lately there are a lot that break down like GRMN did today.
GRMN fell on negative tones from the conference call, I nailed it a few times today.
I had GRMN on my screen and in my Excel spreadsheet for position sizing but it broke out so fast I missed it. I liked how fast it filled the morning gap on huge volume and all those NRIBs on declining volume. In retrospect I could have entered right after the NR7 sixth bar.
Congrats Glenn! I see you're # 1 in the VO.
Jeff, as Rick points out, the NRIB NR7 6/15 bar was the trigger bar. If you look at the 5 min. at the same spot, you'll see that all three MAs (5, 20, 50) are converging over price. Break of the 5 min. 11:00 bar would have been perfect.
I was following GRMN early in the session but unfortunately got distracted with other potential trades. But I am glad somebody got it. Congrats Glenn!
Cheers,
Jamie,
AKS. Several possible entries. Which is preferred in your view?
-long on break of yesterday's last bar on 15min (hammer) high. Hammer just sitting above 5EMA
OR
-break of 2/15 (49.34)
OR
-break of 49.25 (see 5min)
OR
-break of yesterday's high?
Thanks,
YR
YR,
AKS is a daily PP setup around $49.00, so I would select break of 2/15 as this is just above the PP.
BTW, did you trade this?
Unfortunately not. BUt its in my watchlist for swing as it broke out of inverted H&S the day before with good volume. Steel stocks are on hot, look at STLD as well
Btw, I don't see a daily PP at $49, but I see one at $50. Which days do you see the PP?
YR
YR,
Dec 10 and Feb 1
Adding 6 top premkt volumes >$10 to The Knight Trader's 7 Stocks to watch: grmn stp rig kfn crox rig bhp solf t solf sina trak jbx... not a bad mix. Trade GRMN for good quality coffee. BUT brokers reversed big time at the open: leh pjc.
the angle is too steep for me to call that one a bear flag. i like 'em kinda flat with limited price movement 9uup) compared to the last PB.
QQQBallz
Good point QQQBall, I'll keep that in mind on the next flag setup.
Post a Comment
Links to this post:
Create a Link
<< Home