Friday, April 07, 2006

Trade of the Day - ADSK Long and VRTX Short

Spent most of the day looking for low risk quality setups and there were very few to be had, so I tried this one with ADSK. The entry was off of the trendline after a very NR bar with a stop just pennies below the NR bar. Slow but sure. Could be a nice short for next week.



I also managed to pick up $0.50 from a Trade-Ideas scan in the afternoon on SYNA. It had already made a nice move but began to consolidate in a very narrow range so I picked up a few shares at $23.50 with a tight stop and it rallied above $24.00 before pulling back. The real time scans are great especially when quality setups are hard to come by.

The market gapped up too high off the employment report and the bears were waiting at the gate. Last night's VRTX short setup from the watch list was a perfect play to get the day going. I think its self explanatory from the setup and this chart.

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