Avoid trading BP due to increased gap risk and volatile price action.
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I received BP, AR and TS.
So, BP, a new buy signal today.
Now, let's move on to BP here in the TradingView charts. It actually looks like it has a bit of...this is a gap-filled arrow, Joe. I will not trade this stock. This is one of Chris's discretionary rules.
I don't like a lot of discretionary rules, but there have been a lot of gaps in many of these moves recently. Returning to this point, I am accepting of it. But here, the nature of the arrow has changed. Do you see that, Joe?
This is a stock I might be interested in. Why? The trend is upward, and it has broken through the demand zones. It is not just a smooth and beautiful trend, but a strong and big trend that does not look crazy.
When she comes here, she looks like a crazy ex-girlfriend. He is literally fickle everywhere. You have 5% upward gaps, 5% downward gaps, up and down. So, I think if we want to do that, I would like to look at the past six months to see the rate at which gaps occur, and of course we will have to conduct a survey of that.
What is the frequency of the occurrence of the gaps, as well as the extent of those gaps. Because, man, the nature of the arrow here is not the same as the nature of the arrow there.
If you see this too, type number two in the chat because we are looking at a two-faced market here. This is a highly cyclical market, and not only that, it opens up gaps everywhere.
Now, gaps can be wonderful. It can certainly be wonderful. But because of the nature of these gaps, there is an additional level of risk that I do not want to take. I simply don't want to put up with it.
I see it, but I don't want it. So, this is one of the very few discretionary things that I would personally stay away from.
Again, same sector, same field, so all of this will be similar to BP,
What this channel has said about $BP
Christopher Uhl - OVTLYR has 2 calls on this stock; only the adjacent ones are shown.