Identify The Trade
$ABIL had a good size gap up in the premarket so I was immediately drawn to it for a morning trade. Even more interesting was that in the premarket it showed clear resistance and support levels that I could work off of.
Choose The Strategy
The strategy for trading ABIL was to work off of the premarket high as a risk level and take a short position with any approach. Since the market already moved down lower towards the open it seemed unlikely there was a trade.
Execute The Trade
Right at the open there was a panic pop that I was able to get a short position on, however as I waited out the storm to see a break below major premarket support I was stopped out. I made two re-entries as the stock moved up at the highs, one entry was stopped out, the other finally worked and I took profits as it faded through the rest of the day.