ORLY gaps up but approaching $200
I have posted on ORLY before (in early November) and since then it has gone on to experience a lovely linear trend.
After the first gap up I was waiting for a pullback followed by a breakout to enter the trade. This happened on the day of my last post so I was able to enter on the next bar. Yesterday's gap up added to my equity so overall I am happy with this position.
To trade ORLY now (if I didn't have a position open) I would only consider a near-term buy as price is rapidly approaching the $200 figure. But a quick profit could be made as the set-up looks good. The bar was bullish and on higher volume. The overall trend is up and linear. The breakout bar confirmed a bullish flag and, hopefully, $190 could act as support (which would stop the gap being filled).
However, while the bar is bullish (giving momentum to the upside) it is a reversal/indecision candle so if you do want to trade this make sure your stop is tight.
After the first gap up I was waiting for a pullback followed by a breakout to enter the trade. This happened on the day of my last post so I was able to enter on the next bar. Yesterday's gap up added to my equity so overall I am happy with this position.
To trade ORLY now (if I didn't have a position open) I would only consider a near-term buy as price is rapidly approaching the $200 figure. But a quick profit could be made as the set-up looks good. The bar was bullish and on higher volume. The overall trend is up and linear. The breakout bar confirmed a bullish flag and, hopefully, $190 could act as support (which would stop the gap being filled).
However, while the bar is bullish (giving momentum to the upside) it is a reversal/indecision candle so if you do want to trade this make sure your stop is tight.
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