AMD trade off the table I played AMD today lookin
Post# of 474
Posted On: 08/23/2012 4:11:13 PM
AMD trade off the table
I played AMD today looking to get a deep entry on a possible pop but with a close below 4 bucks today it is now off the table. It did have a slight bounce off of the double bottom low, however intraday it was unable to hold gains above the 20 or 50 moving averages and ended up closing near the lows.
This could be a shakeout that precedes a bounce back up, but the risk of dropping to 3.50 or even 3 bucks is too high given the lack of fight in this stock.
Bottoming plays can have magnificent pops if called properly, but can be disasterous if they fail. This is why I play a very tight game and smaller position size.
[IMG]http://i.imgur.com/TQJHC.png[/IMG]
(0)
(0)Scroll down for more posts ▼