Wednesday, October 31, 2012

Trade of the Day, VRNG!!!

Bought VRNG @ 3.28 after it broke through a strong support level at 4, so I had to catch that Dead Cat Bounce. I used a basic 1-minute chart to find the hammer and volume confirmation for the possible bounce. I placed my stop at 2.98 after I got filled @ 3.28. When it got to 3.70, I moved my stop to 3.48. My profit target was 3.90, but the stock started to get a bit to choppy for me, so I just sold it when it had a weird pullback on the 1-minute chart @ 3.57. It did end up hitting my profit target at 3.90 at around 11:55p.m est today, but I already sold it. Look what happen, it ended up collapsing more, then getting halted...LOL! Thank goodness I sold it without me being in that halt. Scored a .29 point profit off the trade. 
I tweeted this trade in realtime today, so if you want to see my trades during market hours just follow me on twitter @TraderMike9.          

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