Today I missed this trade on ARWR it’s a Biotech that gaped up on low volume and it went from $5.20 to $6.24 in the premakret. After setting what would end up being the premarket high it pulled back to the $5.80’s. I now have my support and resistance in place, $5.80’s is the support and the $6.24’s is the resistance.
Once we started getting closer to the open more volume picked up ARWR touched $6.10 (lower premarket high) and pulled back to the whole dollar mark ($6). In my mind this was a short with the risk on $6.24, There were two places I would’ve wanted to get in at. The first was right at the open at $6.10, the second would have been once the $6 failed to reclaim. Both are good entry points for my style of trading. My cover would have been in 5.70’s.