1) IF the price gaps or moves up quickly over the 200sma AND the market seems strong generally THEN look at fading the opening gap back to the daily primary pivot point OR wait for the 30 and 50 SMAs to catch up and re-evaluate the plan, best action could be to wait for the test of the 200 sma as it is likely valid earlier
Waiting for the 200 test usually works out better as the market has shaken off some of it's shenanigans.
The market was not strong so my first trade entry was not the best, I should have been expecting more ranging earlier than thought so even just waiting for the 30 and 50 to catch up was not enough. Thankfully I only made the one trade and realized my error. Waiting for the 200 was called for and worked out well enough. There were two good trades but I was not in for the second one as it tested the 200sma, yesterday's higha and 1/2 R2.
As I was only trading 200 shares of HGD I managed to end just even after commissions. The third trade would have been the profit for the day...about a 15 cent move in HGD.
All in all I am not really disappointed in the day...other than a nasty issue that came to my attention last week that I finally got a straight answer on today...another post for that though.
Jeff.
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