The thought process is simple, it opened ridiculously high and only fell, while being entirely out of the previous range. This is the beginning of a very likely short term pullback that may last as little as 20 minutes tomorrow morning. But these often Provide multiple waves to ride down through the day. And the pattern is there on daily charts too which is a plus even though these I usually trade intraday it is a swing technique too.
Usual entry: opens gapping down with red showing. Otherwise these are pretty easy to catch as long as you enter away from the 20 MA (any timeframe; ref daily chart)
Usual exits: 20 MA (cross/near), 50 MA, 200 MA, exponential or simple any timeframe. The smaller MA is reached more often than the others, though the others can be significantly more profitable. Those who like to short, understand why you can short these.
Buy the dip? Well sell the peak too while your at it.
Usual entry: opens gapping down with red showing. Otherwise these are pretty easy to catch as long as you enter away from the 20 MA (any timeframe; ref daily chart)
Usual exits: 20 MA (cross/near), 50 MA, 200 MA, exponential or simple any timeframe. The smaller MA is reached more often than the others, though the others can be significantly more profitable. Those who like to short, understand why you can short these.
Buy the dip? Well sell the peak too while your at it.
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