Shared by
silverholden
I had NTCT on watch from my pre-market gapper scan. I missed the initial break of a day long consolidation. I saw it pull back to EMA support so I bought in. It ended up pulling back much more before bouncing and then running.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-01-23 14:00:37 | NTCT | buy | $35.090 | long |
| 2014-01-23 14:09:49 | NTCT | sell | $34.760 | 0 |
Comments
kunal00
messy day in markets lots of sell pressure. you need to get as close to support or base as possible. stocks will just rip and dip all over the place
silverholden
Yeah I knew I was higher than desired when I entered Kunal. Part of it I think was I was pissed I missed where I wanted it since I had been watching it all day. Part of me (the correct part) said not to take the trade.
Billy, the way this broke I didn't think it would fade that hard. To be honest I was going to pass, and when it dropped back a bit I thought I got lucky on a quick pull back. It ended up being a little weaker than I expected.
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http://screencast.com/t/jsvoj31VGJz $NTCT
Remember were looking for "High Probability" trades, verification comes in the way of a pattern, and volume (to name a couple things). A better play is a fade bounce play. Price action breaks through support, can't hold that new level, and rises back over support, accompanied by strong relative volume, (pretty much what happened at 2:30, except for the strong relative volume.