Couldn't find much to trade today. So just a couple of charts.
ING (gap up)
After gap up we have a shallow retracement then head back up to the OR. The 7th candle is green and has support of the ema. It closes above the OR and also closes strong. This is our trigger.
Entry: 34.60 Stop: 34.37
Fib Ext: 35.29
1R= 34.83 2R=35.06 3R= 35.29
Unfortunately it doesn't follow thru and the next candle reverses to close below the OR. We close our postion here for a loss.
ALK (gap down)
The first candle is red and bearish and falls big time thru previous day's low. We trend down over the next few candles before starting a retracement. Candles 5,6 and 7 are narrowing and have the ema as resistance above. In addition we have the decade $20 above as well for additional cover. You could make a case for 6th or 7th candles being the trigger here.
Entry: 19.64 Stop:19.85
Fib Ext: 19.07
1R= 19.43 2R=19.22 3R= 19.01
The price moves in our favour and we take partial profits at the Fib Ext. The rest of the postion is left running with stop at breakeven. This is closed at the end of the day for a nice gain.