EDGE TRADER

Thursday, April 20, 2006

Nice Intraday Action - or Homage to Mark Fisher

Had a few intraday trades - this was one of them. This buy the dip setup was a perfect failed "A" down setup. I missed a nice exit point at lunchtime as I frantically tried to drop my sub to bump up my stop, but in the end I closed out profitably near the close. The 2 keys for this is that the stock failed to dip below the bottom of the opening range, and the heavy institutional sell orders showing up in level 2 as funds dumped due to an earnings dissapointment. My entry was near the tail end of the selling volume. The chart might make you think I should have doubled down around 11:15, but I won't work with a double position size on a stock the street is angry with.

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