This is an asspak candlestick.
1) a candlestick whose opening and closing prices fall within in a narrow range, but creates a strong price action intraday that results in a long upper wick.
2) it is visually similar to a long-bladed sword and is just as lethal to momentum traders.
1) to unexpectedly get pricked from behind , usually by something that could cause you to bleed ( such as a sharp, short-lived price action) i.e., “I got asspaked by BEL”
1) from the word “ass” and “pak” ; the combination denotes how a trader’s ass is compromised by the stock position’s portfolio- damaging price action.
This is what BEL momentum traders must have experienced today.
Getting an asspak could hurt your portfolio just as much as it could hurt your ego.
So next time you are feeling enticed to trade a huge gap up that opens quite close to a strong resistance, think about how much it might hurt you in the end. Pun intended.
Webinar: High Probability Trades 5
Part 1: November 19, 2016, 9 am– 12nn
Part 2: November 26, 2016, 9 am-12 nn