Wednesday, December 5, 2012

Trade of the day, VRNG!!!

The chart picture above is VRNG 3 months daily. I had a limit order to buy 2500 shares at 3.05 of VRNG every day for almost the past month, just in case it had a little dip/sell-off. VRNG has a very strong support level at 3, so I figured if it sold off too quickly for some reason, I’ll be able to catch a quick bounce off 3.

Well today it happened (above picture), and I got filled 2500 shares of VRNG at 3.05. After I got filled I quickly placed a stop at 2.98 just in case it kept falling apart. My level 2 screen showed a huge bid for a second of about 250,000 at 3.00 dollars a share. I knew the support level of 3 wasn't going to be taken out soon after I saw that. My profit target was 3.30, but sold it at 3.25 when it formed a shoot star candlestick pattern and then struggled to inch any higher.    
If you want to see what I might be trading during market hours and interact with me during my trading days, just follow me on stocktwits or twitter @tradermike9.

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