Long time readers of the blog will recognize this setup as one of my favorites. Of course, we don't get many of these in a bearish downtrend. The setup is a buy stop order just above the pre-market high. I usually let my profit run until the 10:00 reversal time, but because of today's market weakness, I decided to take a 50% profit as soon as I was up 1 pt. The balance was sold when TZOO made a lower high on the 5 minute time frame.
Wednesday, July 12, 2006
Trade of the Day - Travelzoo Inc. NASDAQ: (TZOO)
Long time readers of the blog will recognize this setup as one of my favorites. Of course, we don't get many of these in a bearish downtrend. The setup is a buy stop order just above the pre-market high. I usually let my profit run until the 10:00 reversal time, but because of today's market weakness, I decided to take a 50% profit as soon as I was up 1 pt. The balance was sold when TZOO made a lower high on the 5 minute time frame.
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