December 6, 2014

Trade Recap - ISNS

Here was the daily chart of ISNS going into Dec. 5th:

ISNS had been consolidating in a trading range since late Sept. and was starting to perk up, so I was in long biased mode. When I pulled up the intraday chart, it had already broken out above key resistance at $3.50. So I looked for a test of major support or a downtrend line break to enter long.

Here is how I traded ISNS (blue arrow = stop, green arrow = long, red arrow = sell):

Trade Recap - IDRA

Here was the daily chart for IDRA going into Dec. 5th:

IDRA was up over a double since the middle of October, with most of that move coming in just the last few days. This was clearly an over-extended (OE) chart so I was short biased going into the day, and looking for major trend breaks to strike. Don't get me wrong, I know OE charts can keep on going, so I know to always have a plan before getting into a trade.

Here was IDRA's intraday chart and how I traded it (FYI, blue arrow = stop, red arrow = short, green arrow = cover):