Just prior to the market open I noticed that
NVDA was testing its recent trading range high in the pre-market. I set a buy stop order just above the pre-market high and was filled on the open. I exited 50% of the position on the release of the ISM and construction data as the market started to pull back. I exited the balance of the position shortly after 3:00, again on market weakness.
RIMM was a watch list stock from last night identified as a bear flag pattern and potential short. Early in the session it was up so I was surprised to hear my alert triggered shortly after 11:00 EST. I shorted
RIMM after a two bar consolidation on the 5 minute chart and shortly thereafter, Briefing.com published the news of the Visto patent infringement suit. I covered 50% after a 1 pt. gain and covered the balance after an additional 1.7 pt. gain.
Just prior to the market open I noticed that NVDA was testing its recent trading range high in the pre-market. I set a buy stop order just above the pre-market high and was filled on the open. I exited 50% of the position on the release of the ISM and construction data as the market started to pull back. I exited the balance of the position shortly after 3:00, again on market weakness.
RIMM was a watch list stock from last night identified as a bear flag pattern and potential short. Early in the session it was up so I was surprised to hear my alert triggered shortly after 11:00 EST. I shorted RIMM after a two bar consolidation on the 5 minute chart and shortly thereafter, Briefing.com published the news of the Visto patent infringement suit. I covered 50% after a 1 pt. gain and covered the balance after an additional 1.7 pt. gain.
4 comments:
Nice plays, Jamie. Thanks for the explanation on RIMM in regards to the 5-minute chart. I need to get in the habit of looking at the different time frames. Waiting for confirmation on the 15-minute candle can often skew the risk/reward.
Chris M.
Chris, I agree 100%, especially on slow days like today. Sometimes I stare at a chart and I can't see the forest for the trees. I have to keep reminding myself to check all the different time frames to get a better perspective.
Great chart read on RIMM. Most impressive. Thanks.
Merci!
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