I was hoping for a long setup on AKAM going into the session, but the early action was very choppy and the wide range bars did not create an opportunity for a low risk entry. After lower than expected consumer sentiment numbers were released at 10:00, we came into some continuation on the fourth bar and an opportunity to short. I covered 50% of the position as it tagged the first support level. I covered the balance of the position when I saw continuation to the long side about a half hour later. I immediately took a long position, hoping for a retest of yesterday's highs. By the end of the session we managed to get back close to the morning highs. I exited the trade into the close. This was not an easy trade and required constant attention just to make sure that direction was not about to change.
Tuesday, August 29, 2006
Trade of the Day - Akamai Technologies Inc. NASDAQ (AKAM)
I was hoping for a long setup on AKAM going into the session, but the early action was very choppy and the wide range bars did not create an opportunity for a low risk entry. After lower than expected consumer sentiment numbers were released at 10:00, we came into some continuation on the fourth bar and an opportunity to short. I covered 50% of the position as it tagged the first support level. I covered the balance of the position when I saw continuation to the long side about a half hour later. I immediately took a long position, hoping for a retest of yesterday's highs. By the end of the session we managed to get back close to the morning highs. I exited the trade into the close. This was not an easy trade and required constant attention just to make sure that direction was not about to change.
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2 comments:
sir,
is the above chart a 15-minute one?
Yes, if you click on the chart to enlarge it, you will see a small 15 in the upper left-hand corner beside the company name.
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