Posted On: 12/08/2013 4:13:06 PM
Post# of 2561
MRIN Daily Chart ~ Big Sell Off on Friday
MRIN was one of the easier trades that you'll come across. Link back to my previous comments on the MRIN Daily Charts to get an understanding of the pincher play, double bottoms, FullSto and MACDs when they all come together at the same time. As I mentioned to a few of you, I sold MRIN in the 9.77-9.81 area Friday morning when the stock failed to trade to 10.00 and higher after a slight gap up pre-mkt. I'm not a fan of pre-market gaps unless there's some very strong news to support that gap. By the time I got my sell order in the stock had already retreated to 9.81 on fairly low volume. I did re-enter from 9.29 to 9.33 later in the day once the stock stabilized on the 5 minute chart. The action the rest of the day was basically churning between the high 9.20s to the mid 9.40s. Not quite the action I was looking for, so Monday morning will probably dictate for me whether I exit or add a few more. The pinch and the breakout to the upside was picture perfect and good enough for a two day gain of 8.8%. Doesn't sound like much, but compound small trades like that using more conservative money, and it makes for nice banking in swing trading the Big Boards. GLTA
MRIN was one of the easier trades that you'll come across. Link back to my previous comments on the MRIN Daily Charts to get an understanding of the pincher play, double bottoms, FullSto and MACDs when they all come together at the same time. As I mentioned to a few of you, I sold MRIN in the 9.77-9.81 area Friday morning when the stock failed to trade to 10.00 and higher after a slight gap up pre-mkt. I'm not a fan of pre-market gaps unless there's some very strong news to support that gap. By the time I got my sell order in the stock had already retreated to 9.81 on fairly low volume. I did re-enter from 9.29 to 9.33 later in the day once the stock stabilized on the 5 minute chart. The action the rest of the day was basically churning between the high 9.20s to the mid 9.40s. Not quite the action I was looking for, so Monday morning will probably dictate for me whether I exit or add a few more. The pinch and the breakout to the upside was picture perfect and good enough for a two day gain of 8.8%. Doesn't sound like much, but compound small trades like that using more conservative money, and it makes for nice banking in swing trading the Big Boards. GLTA
(0)
(0)
