Friday, January 12, 2007

Dummy Trade of the Day - IntercontinentalExchange, Inc. (Public, NYSE:ICE)

Another bullish day and I was in the wrong sectors. That's two in a row. Hopefully next week, I can get back on track. Only one trade today - a late day scalp on ICE. I took a low risk entry as price crossed the 20 MA in the last hour of the session. My target was the 50 MA about $0.90 away. Luckily, my target was met so that I could end the week on an upbeat note.

4 comments:

bl said...

How do you find the right group/sector?

Yaser Anwar, CSC (Trader- Equities & FX | Quoted 6 Times In WSJ, Twice in NYT & FT) said...

Jamie-

This is off-topic. But do you think technically OIH maybe oversold? If you check this link http://stockcharts.com/h-sc/ui?s=OIH&p=D&yr=1&mn=3&dy=0&id=p70053061072

each time it has dropped close to the level it is at today, it has rebounded for a bit. Do you think so, or am I just suffering through cognitive dissonance?

Jamie said...

Hi BL,

I usually check the pre-market summary (WRAPX) on Briefing.com to get a good indication of what sectors are moving in the pre-market. Also check any news on bellwether stocks as they sometimes have the potential to move the entire sector in sympathy.

Jamie said...

Yaser, OIH is oversold and we have a lot of positive divergence on the intraday timeframe as well. I'll post the charts in my next post.