After this morning’s gap down I was leaning in the direction that price would likely bounce to some degree though I didn’t know how much nor did i feel strongly enough about it to fade the gap w/out some sort of reversal confirmation.

I first went long at A with a stop under the low of the day after the TL+ & 610-tick TXH+. However I became scared when price stalled and moved my stop to under the prior 2-minute bar’s low (an adjustment that is not called for by my trading plan in this circumstance.) Price then reversed and continued to rally for another 2 points. Perhaps a little too conservative on this play.

However, a few minutes later the 55-tick chart sported a beautiful looking double bottom after a 2nd Postive NYSE-TICK hook. I went long on the breakout and targeted the classic double bottom extension calculated by taking the distance between the low of 788.40 and the double bottom high of 789.60 = 1.20 points…and projecting this amount higher at the breakout, giving a price target of 790.80.

I put in a limit sell order a few ticks below that at 790.60 and was soon filled for a quick profit on a nice setup.