Friday, December 08, 2006

Dummy Trade of the Day - NVE Corporation (Public, NASDAQ:NVEC)

Only one trade today as I had to leave the office at 2:00 EST. We had a weak open, but shortly after 10:00 things turned around. NVEC was a potential NR7 going into the session so I watched it closely. After a shaky open, it managed to hold yesterday's low as support in the early going. By 10:30 it looked well positioned to make a move higher so I took a low risk entry as soon as the 5th bar took out the fourth bar high. NVEC rallied nicely from $38.00 to $39.00 and then began to consolidate. After the ninth bar, I tightened my stop. By accident, I typed in $38.94 instead of $38.84. The stop out would have been inevitable either way. Once the consolidation started to narrow, I re-entered long just above $39.00 and took my exit at 1:30 just above $39.50.

4 comments:

MrMike said...

NR7's are starting to become one of my favorite patterns to look for.

Misadventures said...

Jamie,

How log have you been trading for?

LP

Jamie said...

MrMike,

Me too, NR7s and gappers

Jamie said...

LP,

On and off since November 11th, 2001.I'm not currently a full time daytrader, but I was in the past and hope to be again in early 2007.

Stock tickr did an interview of me a few months back if you are interested.