The Red Tail Inside Day Trade is one of our best trading setups. On the daily chart above, SRPT broke below a 7 day consolidation on 10/7/16 and closed below the consolidation with a tail. We were alerted to SRPT off of our consolidation breakdown scanner. When SRPT closed with a small range inside day on 10/10/16, the setup was confirmed.
The trade entry on 10/11/16 was a penny below the 10/10/16 low at $56.50 as seen on the 5 minute chart above. SRPT quickly dropped $2.77 within 35 minutes.
The SRPT Consolidation Short on 10/7/16 and the Red Tail Inside Day Trade on 10/11/16 were both great day trades off one of our many scanners. If you would like to be alerted to trades like these, we offer a 7 day free trial.