Perfect shooting star

Gene was a nice little setup, after being goosed higher earlier Friday. They opened the stock above $ 1.25 Friday's high price and immediately drew a long black yorikiri, which is not the same as harakiri, although you may consider harakiri if you were long. (Read Nison if you want to learn about Lighthouses.) Always remember that the opening price is "set" by professional traders who have privileged access to information flow, and then profit from that knowledge. Price rejected at 10 pm and drew a picture perfect shooting star who shorted. I set a nice tight stop at $ 29.38, which is about as good as it gets. Three bars later (death Spike), Gene tanked and I covered the $ 26.56, using the principle of "take windfall profits if they occur" (see IBEM). I expected a bounce, but it did not happen and gene dropped below the $ 26 lunch. Then the price went back to the environment and bumbled around for the rest of the day. I shorted a smaller number in $ 28.38 in late afternoon, and I'm alone at night (see explanation of the night to trade below).