It is not every day that you are able to catch a trend in both directions in a stock. FB has been a short term trader's delight for the past five trading days. Media coverage hit a fever pitch today with FB tagging its otherwise meaningless "IPO price" of $38. The fact that it has been moving higher since last Thursday without a decent pull back and the roar from the broadcast financial media had me on high alert for a possible reversal.
Technically it setup well on the Open as it strongly rejected the 38 level after trading above. I initiated a short. I was stopped out twice when it spiked above 38 two more times. As they say the third time was the charm. See the chart below for my trade Read more [...]
It is not every day that you are able to catch a trend in both directions in a stock. FB has been a short term trader's delight for the past five trading days. Media coverage hit a fever pitch today with FB tagging its otherwise meaningless "IPO price" of $38. The fact that it has been moving higher since last Thursday without a decent pull back and the roar from the broadcast financial media had me on high alert for a possible reversal.
Technically it setup well on the Open as it strongly rejected the 38 level after trading above. I initiated a short. I was stopped out twice when it spiked above 38 two more times. As they say the third time was the charm. See the chart below for my trade Read more [...]