I can't tell you how I knew JAVA was going to see $7.85 today (that wouldn't help anyone learn a thing). I'll just say when I was scanning with Think or Swim for big % gainers, and JAVA showed up, I was immediately short-minded. I also knew, since this trade wasn't a perfect fit for my strategy, that I would have to let the price action/technicals decide JAVA'a fate for me. Since I'm home to watch the markets today, I decided to short and watch. Below is the chart showing my intitial entry, fearful cover, second entry (wanted blood!), and final cover for an overall profit (which you'll see could have been much higher):
BTW- as I'm typing this, JAVA is back at $8. You gotta be quick in this market, able to take small profits, and move on when a daytrade doesn't work out how you thought.
7pm Update- JAVA surged above $9
Any of you pirates have some cool trades?
Evan
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3 comments:
Nice trade on JAVA!
I thought about shorting around $8.90 on the $9 fail and hesitated...only to see it hit $8.50!
I had a solid short of FEED though...shorted at $2.58, covered half at $2.32 and the covered the rest at $2.50
Ha, I longed JAVA around where you first shorted and got out when it started to fail just when it started to fail after you covered, I got a nickel out of it, with a tight stop. I thought it was pulling back like these pre-movers oven do - there was volume and rumors/news.
It did surge to $9 which is crazy.
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