I didn't find much to trade today, but all it takes is one good winner.
PHH (gap down)
Very weak first candle is followed by a green doji like small candle. The 3rd is a weak red candle which breaks the OR and closes weak. This is our trigger for short.
Entry: 17.28 Stop: 17.65
Fib Ext: 16.78
1R=16.91 2R=16.54 3R=16.17
After entry we just went sideways with choppy action for the rest of the day. We never closed above the OR so there was no reason to exit the trade. We closed our postion at end of the day for a small gain.
UTIW (gap up)
Gap up and a very strong first candle which blows by the previous day's high. After a quick look above the OR we retrace back into the range of the first candle. We then form a base and begin a climb with the ema providing good support. The 9th is a NR7 just below the OR. The 10th is a strong green candle which closes above the OR and also closes strong itself with ema close by. This is our trigger for a long.
Entry: 17.88 Stop: 17.62
Fib Ext: 18.42
1R=18.14 2R=18.40 3R=18.66
The candle after entry is excellent and adds to our confidence in this trade. It is bullish and closes strong above the next whole number. After that it is just a case of waiting as it trends up nicely. We take partial at the Fib Ext (around 2R) and leave the rest to run. I closed the rest of the position near the end of the day at 19.40 for an excellent profit.
SAP (gap down)
After gap down the stock is weak and breaks the OR on the 3rd candle which also closes weak. This is our trigger for a short.
Entry: 49.02 Stop: 49.38
Fib Ext: 48.20
1R=48.66 2R=48.30 3R=47.94
Starts ok as it falls after entry and we move to breakeven after 1R is reached. However then the stock reverses and we are stopped out at breakeven.