It was a hard day to trade, with the market gapping up a tiny bit but falling for close to half an hour. The SP500 formed a 1 min range (I actually look at the SPY) that seemed to favor the upside, so that was was looking for a nice long setup. I found two that I traded, AMP was the best one and also showing the most promise.
AMP gapped up big and held up well when the market was falling. It bounced back up very strongly around 10:00 AM and then formed a beautiful 1 minute base close to the rising SMA 20 on the 5 min chart). I entered with a tight stop, took half off at first 1 min resistance and was aiming for high of day for the rest. It offered two new entries that I passed on (see the 5 min chart for that) and when price approached high of day and 37.00 round number I closed the rest. As can be seen, the second half offered a nice R/RW, better than 4.
