Gap up by didn't hold so shorted.
Execution detail:
I trade using 5-minute. I base most of my trades around the moving averages.
If the moving averages are above at the open is that a bias for short? and vice versa for a gap down?
Not necessarily. You have to look at the volume and stochastics as well. I've seen several times that the moving averages were above/below and the stock went the opposite direction. It's risky at the open.
I see.. there was a lower low on the pre-market and also the stock was almost at the daily major resistance level at 9 level (Whole number) . On the volume part what did you see?
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How do decide that the gap up is not going to hold? Do you look at the 1-minute bar for the first minute and see the low going to much below the open? How is this ARWR open different from the EDZ you also played at the same time?