Trade Recap - CMCM
This is my first trade recap in a while so I thought I'd make it special. I'm going to highlight one of my favorite trade setups for the 2pm - 4pm part of the trading day and highlight another one of my favorites in the next trade recap. Without further ado, let's talk about CMCM. CMCM hit my scan mid-May 2015 because it had gone up from about $16.50 in March to $35 in May, which is a very impressive run. On May 20th, I pulled up the intraday chart around 2pm and noticed CMCM had been in a trading range all day, which meant the stock was starting to flag. Around 2:30pm, CMCM tested and failed at the high of day (HOD) and then immediately failed its uptrend line with a strong bear breakout bar. I should've shorted after the HOD failure because CMCM was in a trading range, but I just wanted more information. I entered short (smaller red arrow in the next picture) at the close of the strong bear breakout bar under the uptrend line. My risk was to the high of the br