Todays' gapper list was short, and for the most part choppy, so I looked at some carryover from Friday's list. BOOM set up a low risk entry at the cusp of Friday's support level so I took the trade. Initially, it found support at S1 and I took a partial, but I really felt after all this basing it could go lower. A lot of backing and filling, but eventually it generated a decent profit. My ultimate target was S2, but it felt like a reversal was going take place just above $34.00 (tweezer bottom) near the 50% Fib. extension from the previous day high to the base.
Monday, May 05, 2008
Gap Continuation - Dynamic Materials Corporation (Public, NASDAQ:BOOM)
Todays' gapper list was short, and for the most part choppy, so I looked at some carryover from Friday's list. BOOM set up a low risk entry at the cusp of Friday's support level so I took the trade. Initially, it found support at S1 and I took a partial, but I really felt after all this basing it could go lower. A lot of backing and filling, but eventually it generated a decent profit. My ultimate target was S2, but it felt like a reversal was going take place just above $34.00 (tweezer bottom) near the 50% Fib. extension from the previous day high to the base.
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2 comments:
Hey Jamie,
Yes, a fairly tough day. My one trade was a short in SYK - also follow through from Friday weakness.
Hey Jim,
Nice work. SYK was halted Friday on news. Then it just drifted sideways. I should have carried that one over as well.
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