Thursday, January 24, 2008

COIN- Nice Opening Trade

I was watching COIN at the open, I had an eye on the 10.74 level since that was yesterdays high. I saw it was up pre market which was a pretty good sign but I didn't know how the overall market would react to yesterdays end of day rally. The Q's started to inch their way higher and COIN hit 10.74 about 4 times and then blew by. At that point I had my entry ready to buy at market once it broke those levels. I got in at 10.85


The second and third candles couldn't break that high they just made which got me a little worried. So I sold half at 11.04 set my stop at 10.68 and left to use the restroom. Came back and saw we were up in the 11.20 I let it keep running (Yay for me, I have a hard time letting my profits run but it seems easier when I have a stop in place). I was also keeping a close eye on the Q's because I wanted to see what they were doing. Volatility is around -2% so I figured resistance might be playing a bigger role. Just as the Q's were hitting resistance I bailed completely on COIN and got out at 11.35


All in all, a good trade. I tried to stay calm as much as I could. I set stops which relieved some mild tension and I traded what I saw.



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