What is an “Oops” Trade?
I am an oops trader only because I accidentally discovered such a source of income if you can say so. I have been trying to find similar sources of passive income for a long time. Thanks to such articles https://www.apsense.com/article/three-top-tips-for-success-with-scalp-trading.html, I was able to sort out many questions about the trade.
“Oops” is an expression originally coined by Larry Williams. The setup occurs when the opening price gaps outside the previous days range. A buy (or sell) stop is placed just inside the previous days range in case the market then closes the gap, indicating a reversal. The trade is exited by the close. This pattern has no long term forecasting value.
“Oops” is an expression originally coined by Larry Williams. The setup occurs when the opening price gaps outside the previous day’s range. A buy (or sell) stop is placed just inside the previous day’s range in case the market then closes the gap, indicating a reversal. The trade is best treated as a scalp trade and exited before the close. This pattern has no long term forecasting value.
