The first chart of MANT is the daily timeframe. The main take away here is the failed triangle pattern which resulted in a fast move lower. The longer term trend line held as support in early trade this morning so I took it long.The 15 minute chart shows a bearish pennant on Friday. Lots of slippage as this stock is not liquid. This morning's tweezer bottom was an invitation to go long as it lined up nicely with the longer term trendline on the daily chart. It carved out a C&H pattern midday, but failed.
CNQ, from my watch list was a HCPG newsletter pick. Lots of winners from last night's letter. IB just above R2 - long on break of outside bar. I didn't manage the exit well here because I was trying to do two things at the same time. I ended up missing my short on RIMM and botching my CNQ exit.
AFFX earnings warning hit the wires seconds after the close. A big winner for me AH. CROX also warning AH (stock was halted so no trade) and could test all time lows very shortly.
4 comments:
Nice trade on CNQ. I got in at 78.26 but didn't like how far away it was from the mini-base @ 78 and basically didn't look back at the stock until much later in the day.
I'd love to see your AFFX AH trade and setup if you get around to it.
Jamie,
Can you elaborate more on how you time your entry for MANT tweezer bottom long? Thanks
YR
Thanks Dave,
Your entry on CNQ was much better than mine.
Not much planning on the AFFX trade. I just process the info off of Briefing.com and then wait for it to bounce back from the initial spike lower. I use limit order with no stop. I pick my exit.
Bear flag entry on 5 min. in pre-market this morning.
YR,
The MANT entry is pre-planned based on the daily chart. If the price action plays into my plan, I execute.
I was expecting price to gap into the daily trendline and reverse. I was hoping for a short squeeze, but that part of the plan didn't pan out.
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