Here is the update
As you can see this trade was stopped out for a loss. These types of trades are very high risk. The logic behind buying an opening like this is that if the market does reverse, the trade will be a very big win. However, the odds are about even on it happening.
This is also why I had stated earlier that I risk a small amount on these trades. It is common to have 2 or 3 losses in a row in a day trading account. It is the hit and miss nature of this that is the reason these types of trades are not in my service for clients. I only want to best setups I have to be available to clients. Even though we have had a couple of recent losses in the daily service, it is much more rare for that to happen than it is for a trade like this not to work.
At times I will get 7 or 8 wins in a row with these trades, and that more than pays off for the duds like this one. Overall, though the win % is the lowest in this system of anything that I use.