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.

2 comments:

Yaser Anwar said...

sir,

is the above chart a 15-minute one?

Jamie said...

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.