Lots on the gap scans today, a lot to filter through. $WPRT made my watchlist today because of it's spectacular daily chart. It's flagging and ready to break out WITH a big range to fill up toward $6.
I was loving the premarket action up until the bell actually rang, I was ready to jump in this long over 4.05. Unfortunately, we didn't get the push, instead it went red. I took my eyes off it briefly looking for my other plays but saw it bouncing on the 1-min a few moments later so I pulled it back up.
After I saw the bouncing action, I looked back to the daily chart to see where it was bouncing off of and it was a clean and clear gap fill. At this point, It's formed support and I'm ready to catch the breakout.
Current High of Day was sitting at 3.99, so I got long on the first 1-minute candle to break that at 4.00. A seconds' worth of pullback, then this thing rips like I imagined it to. I was only risking about .05c here on 500 shares and I was looking to take profit at 4.49 due to the next daily resistance level being the light psychological level of 4.50.
This thing pops up to 4.20 and starts consolidating NICELY. I'm sitting here thinking about adding to my position size for the break of 4.20, but we never got it and eventually I was stopped in the green.
As I consolidated, I was moving my mental stop up to protect my profits. New stop was set on the orange line, anything under that and I was going to stop. The one green candle that hit 4.13 I wasn't stopped on because it was bouncing clearly off the level andI didn't want to get stopped for no reason. It popped back up, made another attempt at HoD but failed. That's when I stopped out, on the red candle at 4.12 for a .12c gain on 500 shares.
The trade ended up being a green $49 in my PAPER account. Though I was up unrealized $100 I'm VERY happy with the way I traded this. I didn't bail or take profit "just because." I was patient, and let the chart tell me when to get out. What's important here is that I gave this stock the OPPORTUNITY to make the big move. If I sold into the 4.20 spike I would've really been selling myself short because on another day this is going to run.
Very happy with the start of 2018, hope everybody made smart decisions today. Lets keep it going!
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