Tuesday, September 26, 2006

IAAC, part Deux

Well, after getting whipped around by IAAC last week, I caught it on the right side of the trade today. This was one of those "first thrust, pullback" type of trade that Dave Landry speaks about so often. Last Thurs/early Fri. morning was the first thrust, then the pullback for the rest of Fri. afternoon. The important thing was that this pullback did not violate the first thrust breakout, and today just happened to be the day that it finished pulling back and started the second thrust.
For me it was a case of being at the right place at the right time.
Chances are good that the downdraft from last last friday will tagged - but then what happens after that? Double top, or break above ? Don't know, but I've moved my stop up to protect my profits.

No comments: