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by Jayanthi Gopalakrishnan
When it comes to day trading, it's a matter of being there at the right time.
Position: Buy
Jayanthi Gopalakrishnan
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DAY TRADING
Trade Of The Day-Exodus Communications [EXDS]
08/01/00 10:46:12 AMby Jayanthi Gopalakrishnan
When it comes to day trading, it's a matter of being there at the right time.
Position: Buy
| Usually I restrict my trading during the lunch hour slowdown but EXDS appeared on my new high/new low screen at around noon and I took a look at its price chart. A distinct triangle had started to form and volume looked like it was increasing in strength. |
| I decided to enter a long position if the following conditions were met: 1. Prices broke out above the triangle, 2. Volume was strong, and 3. The candlestick patterns showed a strong bullish reaction. |
|
| Exodus Communications [EXDS] provided a great trading opportunity today (8/1/00). |
| Graphic provided by: Tradecast Securities, Inc.. |
| |
| At 12:05 pm (EST) all of the above three conditions were met and I entered a long position at 45 11/16 and placed a stop at 45 9/16. As you can see the trade was in my favor. I exited my position at 47 1/4 only because I had surpassed my daily goal. The signs were still bullish and I could have still held on to my position for a little longer and made a greater profit. |
| Title: | Editor |
| Company: | Technical Analysis of Stocks & Commodities |
| Address: | 4757 California Ave SW |
| Seattle, WA 98116 | |
| Website: | Traders.com |
| E-mail address: | Jayanthi@traders.com |
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