$IGC Gaps Fades Squeezes

Identify The Trade

$IGC had been moving every once in a while during the past few weeks so when it was gapping up during premarket I was interested to see if the volume would come in during the open. After a morning spike and virtually nothing else moving in the market I decided to make a trade.

Choose The Strategy

The strategy for this was to use the high-of-day as my mental stop point and to try and get an entry as close to that as possible with an exit target of $1.00, so when the opportunity came I shot.

Setup, Entry and Exit

Execute The Trade

When $IGC attempted to make new high-of-days but just ran short of the $1.20's I got an entry and held onto it while things panned out. After the HOD break failed it faded down pretty hard and met my exit targets at $1.07 and $1.00, so I was able to get a decent 1:2, Risk:Reward trade out of this boring market.