Technical Analysis Day Trading Review: HUGE PROFITS TODAY! COIN, FITB, MTL
Oct 29, 2008 Day Trading, Small Cap Stock Picks, Technical Analysis
Man what an exciting trading day it was this after noon with the general market as a whole making huge gains in the last few hours of the trading session providing huge opportunities for us to profit on. One of the best day trading days in a while.
Day Trading Stock Pick #1
COIN
First stock we succeeded on was COIN which was breaking out of a strong resistance mark on the daily chart which signaled a buy alert and i was actually planning on holding over night. Yet shortly after i alerted Black Service Members to go long It exploded from my entry at 6.05 and surpassed 7/share in a fusion frenzy.. I took this opportunity and sold quick at 6.84
Technical Analysis:
The next two positions we made awesome trades on yet missed out on some larger gains as the erratic buying continued into the close. While day trading it is important to follow the general market movements to catch the swings off support/resistance/breakouts/breakdowns etc. Following the 60m chart on the dow (INDU) I got weary of the descending resistance on the descending triangle pattern as it is a bearish formation and the probability of it breaking to the downside is higher than price breaking to the upside. So i sold these positions heading into the last hour of trading and missed some big gains. But we made some great trades. Kind of hard to predict that the market was going to rally 900 points… I’m still in awe of this market. Seeing a hundred point move in the DOW 6 months ago was a big move.. “Wow what a big day the DOW jumped 127 points”. Haha those were the days.
Technical Analysis:
Day Trading Stock Pick #2
FITB
Next we tackled FITB. Price rallied huge on news of it getting some of the gov bailout money or something i don’t remember. All i needed to know is that this stock was moving, volume coming in hot, and the market was looking strong. I alerted black service members to go long at 9.23 and sold at 9.63 for a solid day trade bringing in some SCRILLA to pay them billas.
Technical Analysis:
Day Trading Stock Pick #3
MTL
Last but not least we hopped on board MTL for another solid day trade which we profited on. Could have made some big ones if you had the balls to hold on for the roller coaster ride. But i like to keep my balls safe, i wear a cup. i entered in MTL at 5.16 on the verge of the breakout after it had already broke out once as you can see with that upper extended shadow candle so volatilty was hot here so i wanted to get in and get out, take what i can. Went long at 5.16 and sold at 5.36. Price dropped all the way back to 4.93 from there before it exploded up to 6.72!
Technical Analysis:
Tags: COIN, Day Trading, descending triangle, DOW, fitb, mtl
