Thursday, January 10, 2013

Trade of the day, MCP!!!

Today's trade of the day was pretty much a gamble (thinking it wasn't going to crack 8.00 a share) than an entry signal strategy that I most commonly use to get into a trade. So I decided to go long 1000 of MCP at 8.10, thinking there was no way it was going to break the 8.00 a share support level today. Placed my stop at 7.97 just in-case I was wrong. I didn't want to move my stop up until it reached 9.00, but, if it didn't hit that mark, I was just going to hold it until the last half an hour of trading, and I did, sold it about 10 minutes before the bell rung at 8.45  for a .35 point gain. By the way, I'am still long 2500 share of $TZYM at .58, and holding it overnight hoping that it will have a nice run-up tomorrow (Friday) before the weekend.
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. Thanks!

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