I noticed OTIV once I got home from work and started researching tickers via traders on Twitter--check out my Resources page for the best traders to follow on Twitter--as well as through my scan on FinViz.com. So I first looked at the daily chart, and noticed it almost doubled from the day before.
OTIV had a huge trading range on Sept. 10, 2014, but faded bigtime after the morning move. So I was short biased into the close because the intraday price action suggested people/the market do not support this excessive price appreciation. So I started watching around 2:00 pm and was looking for a lower high or double top after the $4 washout. I got it, shorted $3.74 with a risk at the previous resistance at $3.85, and a price target of $3.42--the reason behind this choice is because of a potential $3.50 washout and green-to-red (G/R) move:
OTIV slowly faded into the close, but $3.50 would not crack, so I covered part of my position at $3.61, and after a second failed attempt to crack, at $3.54.
Once again, I didn't leave any of my position overnight to see out my original trade plan/price target. And once again, my price target would be easily hit the following trading day:
So the lesson here is to STICK TO THE ORIGINAL TRADING PLAN lol. Sorry for the CAPS, it's not for you, it's for me :)
'Till next time,