Morning Push
Gap up breakout pattern.
What it looks like
A stock gapping up (5%+) and breaking out near key daily levels. Play occurs at open.
Entry
Enter on the candle that hits the key as long as there is strong volume and momentum.
Where I'm wrong
Any fails (10-20 cents) and a stock pulling hard at the key level.
Targets
Gap up breakouts (or sometimes referred to as Episodic Pivots) are good multi-day plays. I like to take off profits at the 4:1 risk/reward level and you can trail-stop the rest.