Friday, October 06, 2006

Dummy Trade of the Day - Joy Global Inc. (Public, NASDAQ:JOYG)

I couldn't resist this low risk dummy entry in JOYG midday. After recovering from the morning swoon, JOYG started consolidating through a series of narrow, tight candles in a shallow base. It had the support of all of its MAs so I took the dummy entry. At one point it took out yesterday's high, but that was a head fake, so I took my exit on the first lower high.

Chart: 10 minute timeframe

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