Wednesday, October 25, 2006

Dummy Trade of the Day - Garmin Ltd. (Public, NASDAQ:GRMN)

GRMN was a gap up play from my 10:00 scan. The list this morning was longer than usual, so I took the time to go over the charts and narrow my selection. Although GRMN did not meet my volume criteria, I took the trade because of the candlestick setup and the proximity of my entry to the rising 10 period EMA. GRMN tagged the MA and reversed forming a small hammer. As soon as price took out the high of the hammer, I went long. I exited my position at 2:00 just prior to the release of the Fed policy statement.

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