Shared by
jb1013
Looked good towards end of day for a $4.89 break with huge volume, so entered for a swing play into FOMC.... Had good action today even with FOMC meeting, broke the 4.89 with light volume, but then went and tested 5. Noticed in after hours trading that it was up 5%, so I decided to hedge my bet and cut half of my position at 5.24. Will see what tomorrow brings. Still looking for a 5.30-5.40 measured move. Decided to take out my other 400 shares on the morning gap up. boom.
800 shares
$328.72 profit
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-09-17 15:24:15 | IO | buy | $4.889 | long |
| 2013-09-18 19:16:12 | IO | sell | $5.240 | long |
| 2013-09-19 09:30:12 | IO | sell | $5.360 | 0 |
Comments
jb1013
hey john,
On a 15min chart looking back to the last 10 days or so 4.89 has been an area of resistance, and it has tested it a number of times. At the end of day yesterday, HUGE volume candles came in at the end of day trying to break the 4.89 barrier. So with the volume I entered the trade at 4.89 hoping for a little gap up which didn't happen, but it's passed 4.89 today so far. If it can break the 5.00 level should see another move to around 5.30-5.40. Plus on the daily chart it's formed a pretty solid bottom there looking for a nice bounce back up a bit...hope that helps
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Hey jb, can I ask what you liked about this? Looking at the 30 minute chart, it looks like you bought it a bit high for the swing trade, but that's not too bad.
However, the daily chart doesn't indicate any signs that it will come out of its current range. Maybe you're seeing something I'm not?