All of my followers know that I have a gap fill rule for PCAR, it always fills down gaps. Unfortunately, this looks more like the "oh shit" moment that happened at the beginning of the COVID drop. I lost quite a bit of money on that, if you remember it dropped hard the next day, and that gap stayed open for a long time.
Fact of the matter is, this bank issue is going to cause problems for truck purchases, so fundamentally it's a problem. the other thing is, PCAR broke an upward wedgie, so it looks like it's headed to the next support. Makes sense since it just lost this one.
I don't short PCAR because GM options have better liquidity. No position until it hits support.
Fact of the matter is, this bank issue is going to cause problems for truck purchases, so fundamentally it's a problem. the other thing is, PCAR broke an upward wedgie, so it looks like it's headed to the next support. Makes sense since it just lost this one.
I don't short PCAR because GM options have better liquidity. No position until it hits support.
Note
The next time I'm bearish on PCAR, I'm shorting CAT. Seems PCAR trades with industrials more than auto.Trade active
It's a double gap down today, figured it's gotta at least fill at least one so went long this morning. Will probably hold for a day only.Note
Note: This looks like the same exact chart pattern as last JuneTrade closed: stop reached
Stopped out on open for a small loss. Looks like it was dropping so fast it blew through my stop.Made 2 mistakes:
1) I usually only buy when ES is oversold.
2) Got greedy and should have bailed when I got my gap fill. If I'm playing the gap I should have bailed on the fill.
Oh well, live and learn.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.