Monday, January 29, 2007

Day Trade: Long FMCN 30-min chart

Entry @ $79.77 / 700
Exit @ $82.93 ***update 10:59am***

Entry : $79.77

Size : 700

Exit : $82.93

Stop Loss : $79.00

Risk : 0.77

P/L : $2,212.00

R : 4.10
I saw a possible bounce trade from the $79-80 price support area. This support area can be seen in the daily chart. The price action of the stock the last 2 days using intra-day charts shows clearly that $79 is a strong support area. Entry was when the price started to move up after initially moving below the two day low creating a possible BEAR trap scenario. Sold the position when price started to pullback when it approched the >$83 area which was the latest 52-week high.

1 comment:

Anonymous said...

Genius! Excellent work man!