Thursday, October 05, 2006

A WhoopDeeDoo day

I made three trades today.
First one was RNWK:
I first heard about RNWK from Brian shannon's daily video review. Bought RNWK when it comfortably broke above the 3rd 15-min bard, @11.05 with the initial stop @10.8. This trade made use of the breakout pattern. But what I liked about it was the build-up of buying pressure for the past 2 months or so. It made a series of higher lows during that time, which is a good sign. I think we're seeing alot of these breakouts because of the renewed bullish sentiment in the market. Some significant money came into the markets today, and these frequent breakout occurences are a sign that the big money moving in.
Today's action was very bullish, so I moved my stop up to 11.29.

Next trade was stec:
I bought at around the upper black bar, @9.02. The initial plunge never made it to yesterday's low - in fact you can see a double bottom @8.91. That is also where I set my initial stop loss. STEC has the potential to make another MoMo run for the remainder of this month. I could live with that.

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