Buying weakness on the 4-week for a 2% stop

ENPH had been on my watch for an early character change, and when it gapped on the biggest volume in over a year that was the signal, that kind of volume on a gap tells you something is genuinely different about the stock now, not just a bounce. I entered on the gap but it got extended quickly and I got stopped out, which was the correct call, except the thesis hadn't changed because character changes almost always produce a higher low after the initial move rather than just rolling back over, so that was what I was watching for. Re-entered at $43.83 with stops just under the 4-week, about 2% risk, which is actually tighter than the original gap entry. Solar had real strength Friday and the position was up over 6% from Tuesday's entry.

On the weekly the character change is the bigger move and sometimes it just takes a couple tries to get positioned in it.