Buy the big down gap. Often the price goes straight up from a big gap down. There are many possible reasons:

• Some news couldn't be judged correctly by the after hours gamblers and the real money shows up next morning
• There is fear in the market and market makers think, better start low to have some initial buying interest
• Prior day's head start got missed by some professionals. They knock prices down to get a more decent entry
• People are unsure how to rate late breaking news. Wild swings after the gap down are possible and the intitial upmove is not necessarily enduring
• Market makers are playing the old game, buying cheap with triggering stop loss orders and than running the price up for a killing

The last two points show that it is not always wise to adhere to a stop loss setup, no matter what. In case of an opening break down, it may be appropriate to watch out for an immediate rally and to sell at much better levels. Of course if price goes the other way, the stop has to be executed. Traders who know that they are lacking discipline in this regard should refrain from this "stop loss delaying" method.