My internet service came back on shortly before the FOMC policy statement. I had been following the market on a dial-up connection all morning but could not execute any trades due to lack of speed. ENER had a great day today as it bounced off of its daily chart trendline on higher volume. I was able to enter a position in the afternoon as it broke its morning resistance on a big volume spike shortly after the FOMC statement.
Wednesday, May 10, 2006
Trade of the Day - ENER
My internet service came back on shortly before the FOMC policy statement. I had been following the market on a dial-up connection all morning but could not execute any trades due to lack of speed. ENER had a great day today as it bounced off of its daily chart trendline on higher volume. I was able to enter a position in the afternoon as it broke its morning resistance on a big volume spike shortly after the FOMC statement.
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2 comments:
Jamie,
Glad to hear that your high-speed internet connection is up and running. It's been so long since I have used dial up - I am not sure I could handle the experience.
Nice trade on ENER. Quick question: Was your initial stop the prior support at around 54?
Thanks again.
Chris
Hey Chris,
Using dial-up was just to pass the time rather than sit out the entire session. But you're right it was very difficult to handle.
The original stop was set at $53.70 but about 10-15 minutes into the trade, I was able to move the stop to $54.15, just under breakeven. These late day breakouts sometimes fail so you don't want to give them too much room to turn on you. On this one I was quite confident because of the big volume spike.
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