Map of Eucla on Often the stock up-ticks right at the open, at which point traders may elect to go long immediately. Once the stock is entered on this bottom, the stop price will be placed at the price that the stock failed to break below. For example, if a stock bottomed off of 20 and up-ticked to 201/8, then the stock's stop price is no worse than 20. The reason for the trade is that the expectation for 20 will not be broken to the downside.
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If selling is at 20, then traders will exit the trade with a small loss. After the trader enters at the first up-tick of the trading day, he or she will begin to monitor stock participants who may be supporting the stock as it rises. Conversely, the trader will be also be looking for market participants who impede the rise of the stock.
Map of Eucla 2016.