Nice trade on ELBO, I made about .35 on the opening break above 23 then left it alone. While FHCC did not open like I thought, it provided several good opportunities on the short side. I think it would be very difficult to backtest gap plays like these, because they act different depending on overall market conditions. This is probably a variation to whatever strategy you are trying, but I have had success the last few years tracking NASDAQ stocks which gap up or down, and just using simple support and resistance breaks. I will often follow these stocks for several days after the initial gap.
Yes it did work out. Hope to hear from others posting stocks making strong bottoms. Still slightly optimistic about receiving alerts from others. regards