{"id":2384,"date":"2009-11-02T18:10:05","date_gmt":"2009-11-02T23:10:05","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=2384"},"modified":"2009-11-02T18:10:05","modified_gmt":"2009-11-02T23:10:05","slug":"opening-drive-hgsi","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/opening-drive-hgsi","title":{"rendered":"Opening Drive (HGSI)"},"content":{"rendered":"

Opening Drive? \u00a0Mike is that some football term describing a team’s first possession? \u00a0No. \u00a0The Opening Drive is a play that momentum traders crush, leaving a huge grin on their face. \u00a0These traders in the first 15 minutes can make enough to ensure an awesome trading day. \u00a0 We saw one today in HGSI on the Open.<\/p>\n

I walked onto my trading floor, logged into briefing.com and found: Human Genome Sciences and GlaxoSmithKline announce positive results in second of two Ph. 3 trials of BENLYSTA in systemic lupus erythematosus.<\/p>\n

I opened LightSpeed and \u00a0HGSI had gapped up 6 points. \u00a0Now for all those who wonder how we find a Stock In Play, I think you can handle things from here. \u00a0HGSI was a Stock In Play.<\/p>\n

In the premarket 25.20 was an important level. \u00a0GMan mentioned this during our SMB AM Meeting. \u00a0Spencer added, “If HGSI can hold above 25.20 it could touch 26 and maybe 27.”<\/p>\n

We opened and the typical above\/below nonsense occurred that seems to have to happen in everything we trade. \u00a0HGSI could not trade below 24.80, or above 25.25. \u00a0Finally HGSI cleared 25.25. \u00a0The Opening Drive was in the room.<\/p>\n

This is a play that you will see often. \u00a0Above 25.25 you get long, strap on your seat belt, and play the upside momentum. \u00a0 I try and stay long until I see something different or the upmoves are not as powerful. \u00a0At 26.20 we saw on the tape HGSI change. \u00a0The selling was more pronounced. \u00a0I lighted up to 1\/3 of a position.<\/p>\n

After this move HGSI got more difficult. \u00a0There was a nice support play to be made when it traded down all the way to 25. \u00a0There was a shorting opportunity below 24.80, which worked well. \u00a0But there was also a ton of opportunity to accumulate small losses to dent your chop from the opening drive. \u00a0Staying away from these was important.<\/p>\n

The opening drive takes some guts to stay in. \u00a0But this is a pattern to add to your playbook.<\/p>\n

Best of luck with your trading! Don’t forget to follow us<\/a> on Twitter!<\/p>\n

\"HGSI<\/p>\n

\"HGSI<\/p>\n","protected":false},"excerpt":{"rendered":"

Opening Drive? \u00a0Mike is that some football term describing a team’s first possession? \u00a0No. \u00a0The Opening Drive is a play that momentum traders crush, leaving a huge grin on their face. \u00a0These traders in the first 15 minutes can make enough to ensure an awesome trading day. \u00a0 We saw one today in HGSI on the Open. I walked onto … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[337,379,30,18],"class_list":["post-2384","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-hgsi","tag-opening-drive","tag-prop-trading","tag-smb-capital","no-post-thumbnail"],"yoast_head":"\nOpening Drive (HGSI) | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/opening-drive-hgsi\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Opening Drive (HGSI) | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Opening Drive? \u00a0Mike is that some football term describing a team’s first possession? \u00a0No. \u00a0The Opening Drive is a play that momentum traders crush, leaving a huge grin on their face. \u00a0These traders in the first 15 minutes can make enough to ensure an awesome trading day. \u00a0 We saw one today in HGSI on the Open. 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