By mid-morning when most of my screen was awash in red, I noticed AKAM was going against the grain. A review of the chart showed that AKAM had held yesterday's low amid the sell-off. I waited for a consolidation break and entered a position. I took a quick profit on 50 % of the position after a 50 cent gain and sold the balance after a 1 point gain. On a late afternoon Fibonacci retracement (38%) and following a low risk NR bar, I was able to grab another quarter point into the close. A nice sane trade in an insane chop, chop sell-off. The first part of the sell-off was tradable and so was the first little bounce, but after that it was too hard to read.
Tuesday, April 11, 2006
Trade of the Day - AKAM
By mid-morning when most of my screen was awash in red, I noticed AKAM was going against the grain. A review of the chart showed that AKAM had held yesterday's low amid the sell-off. I waited for a consolidation break and entered a position. I took a quick profit on 50 % of the position after a 50 cent gain and sold the balance after a 1 point gain. On a late afternoon Fibonacci retracement (38%) and following a low risk NR bar, I was able to grab another quarter point into the close. A nice sane trade in an insane chop, chop sell-off. The first part of the sell-off was tradable and so was the first little bounce, but after that it was too hard to read.
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