September 13, 2014

Trade Recap - GIGA

After coming home from work, I noticed several top traders on Twitter talking about GIGA. So I pulled up the daily chart and noticed GIGA was up big after a long period of sideways consolidation.

Then I looked at the intraday chart. It was very nice and was up-trending perfectly. So I was looking at the chart around 3:00 pm, and was looking for an entry at the next pullback with a risk at previous support around $2.47. I did get a little pullback and entered at $2.64 with a price target of....nothing. I had no price target, which is really poor trading in hindsight. However, I did at least note the $3 magnet:

After my entry, the trade played out so beautifully. That $3 magnet worked like a charm and the stock popped into the close. With such an awesome pop into the close, I wanted to take profits because that was not only a nice .30+ move but also a huge percent move for a stock. So I took half profits at $2.98 and the rest after-hours at $3.18:

This trade brings a smile to my face because I traded it as best as I could. I avoided sabotaging this trade with greed--i.e., swinging the trade--because I noticed this was such a huge move into the close and the fact I didn't choose a price target before entering the trade. GIGA would go on to pull back hard the next day because of weak hands and decimate the big move of Sept. 8, 2014:

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