Tuesday, March 27, 2007

DayTrading Mega Uranium

I Day traded mega uranium (TSX: MGA) near the end of the day.

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6.25 was the resistance level on the daily chart for Mega Uranium (MGA). I had an alert level set @6.25, but I happened to be stalking it at the time, so I was able to see this breakout develop.
Once MGA crossed the $6.20 level, the price action started to come alive. I saw 65K shares on the ask @6.24. The bid started @6.20, then went up to 6.21, then 6.22. When the ask @6.24 went down to 45K shares, I decided to put in a limit bid @6.23. I lucked out and got filled (I was prepared to buy @market), and soon afterwards, I saw that the ask went down to 20K shares. Once all 65K was consumed, away we went. I watched the tape closely for any signs of stalling. No sign of momentum waning until I saw 50K shares on the ask @6.40. Immediately I sent my limit sell @6.39 and got filled within seconds. Again, if there was any delay, I was prepared to sell @market.
Fastest and smoothest $0.16 I've made in weeks.

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