“Gap And Trap”
Now you see why I don’t like to trade gaps like today’s.
GOOG opened above yesterday’s high. Did it follow through? No way. Hence the name “gap and trap".
While yesterday’s setup was a bullish setup (inside bar, three lower highs). The stock opened up higher (bullish, right?), then proceed to decline. Now the market isn’t closed yet, but given that it is a Friday and the weekend is upon us in less than 2 hours, it is doubtful that we will see much positive price action in GOOG today.
I’ll save my ammunition for another day.
Comments »
The URI to TrackBack this entry is: http://www.googlestockquote.com/archives/2004/08/27/gap-and-trap/trackback/
No comments yet.
RSS feed for comments on this post.
Leave a comment
Line and paragraph breaks automatic, e-mail address never displayed, HTML allowed: <a href="" title="" rel=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>
