Bias' can change, and when they do it is usually powerful, especially through pivots. Remember, if the market does not react to what you see don't hang around too long. Always know where you will get out if you determine you are incorrect about your assumptions.
So let's examine, opening range are the green lines, blue lines are pivot range (meat of the market) from prior month. Market opens down for the month and creates a negative bias because market holds below opening range for one day (half of the value of opening range in this case 1 day because I use a 2 day opening range). So this stock really should of collapsed further but it didn't. Strong buyers and or short covering caused this stock to explode.
Bias changed, had many people caught , and broke opening range held above and created long bias. The fact that it was through pivot range adds to the strength of this move. Also, reversal through pivots are very strong, coupled with 14,30,50 day Moving Averages are starting to point up. There should be no reason why this does not continue.
Where do I get out if I am wrong, just below pivot range. That is price stop. My time stop is 2 days, if this does not continue in the up direction I'm out. Why? Because if everyone can buy where I am buying then how good of a trade could this be..."Next"
Same concept here, in ARMH:
Intraday first 20 minutes is opening range. Bias down, then late day move extremely bullish, followed by gap up. Lots of people caught short cover, and buying. I bought exactly where it says buy.
I always use price AND time stops.