IIPR has broken out from the consolidation premarket. I like it long on the pull back to fill the overnight gap into the green box. Stops would be a close below the box for a shorter term trade. Targets are the fib extensions above.
Comment:
Didn't get the gap fill and it went straight to T1. So no trade so far. Will watch for a pull back to green zone for secondary entry intra day. Target would now be 1.618.
Comment:
To clarify. The target for a swing would be the 1.618. Intraday if you got a secondary entry from the green box in the chart above the T1 would be the high of day and then 1.618. Manage risk by raising stops and taking profits on the way. The market can turn on a dime. A general rule for me is to not let winners turn into losers.
Comment:
So if you were sharp the intraday trade yesterday would have given you a move from 167 to 170. For those in a swing the target is still the 1.168 at about 177.
Comment:
Blew throught 1.618 swing target and closed at 184. Nice move.