Gap and Go Setups
Hey Traders! What a great way to start the week! Right out of the gates we nailed two awesome setups. These were both straight off the watch list. The means we knew exactly what we were looking for before the market even opened. Being prepared can help you lock up profits early. Today it worked with over $1500 profit in less than 15min of trading. From the Watch List, I noted on $KMPH “$KMPH 7.2mil share float gapping up 6% after friday’s massive sell off. I have a long bias on this for a bounce, but I’m not sure how strong it will be. Just watching initially”. When the Market Opened at 9:30am I was watching for a possible long over 7.50. My order didn’t get filled, so I waited for a pullback at 7.95, and sold thru 8.20s. This was an awesome winner for traders who got filled at 7.50! It just moved a little too fast for me.
The other one I was watching was $PRGN. This one has been consolidating the last couple of days under $2.00 after the 1000% move last week. I was watching for a technical breakout but I was concerned because there was no fresh catalyst today. That means any move up could be considered a great short opportunity. With that said, we still have the low float, the high short interest, and the potential breakout on the daily chart. As soon as the market opened I got long at 2.15 and sold on the move through 2.30. I added back over 2.30 and sold at 2.35.