Technical Analysis Day Trading: Capped some Gains Daytrading $TBSI
Dec 16, 2008 Day Trading, Small Cap Stock Picks, Technical Analysis
The market was pretty flat today surprised to see just a double digit move it the market for once. Although it was still highly unstable irraticating up and down in swings that were triple digit sometimes in a matter of just 15 minutues. Hard to satisfy any directional movement in the market playing short term swings as we swing up and down and all around, looking good one minute and completely opposite the next.
But in any regards we scored some points today for our Black Service stock picks that are up over 120% this year while the market has tanked!
Stock Pick – TBSI
This was the only stock that i traded today as there just wasn’t much set ups of interest today. I went short on the breakdown of the intraday symmetrical triangle pattern that was formed on the 5 minute chart at 8.42 and notified black service members to do the same. From there TBSI fell sharply in the low 8′s where i took profits on 1/2 of this position at 8.16 to ensure some gains. I held onto the second 1/2 position for a short while to see if the had anymore downside pressure after a short term rebound but eventually got stopped out at 8.46 when it was breaking to the upside of a consolidation pattern which is why it is always important to take some money off the trade when you have profits to ensure some profits. TBSI ended up closing at 8.60.
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Technical Analysis
Tags: Day Trading
