I found INTU this morning while scanning for gaping stocks 15 minutes prior to the open. In pre-market, the gap had not taken out the entire green bar from yesterday, but it still was a nice gap down surprise and by the time the market had opened INTU scored as a beautiful Tier II gap down. You had to make up your mind to enter quickly or you would have missed the move. I drilled down to the 1 minute chart where I found a green spinning bar or what I like to describe as a spinner with a topping and bottoming tail. The next bar had a small topping tail and was red. This pattern more than not usually is a GBI (green bar ignored) and can lead to a measured move lower and that is exactly what I got as I entered the trade at 72.55. Price moved downward in a flurry as I took profits using my sell 1/2 button @ .07 and again @ 69.57, 69.26, and finally covering my last remaining shares @ .43 & .45, wow a huge run a full dollar and .29 cent move lower. I’ve had few plays like this lately or have missed the entries, it feels good to finally nail it! I played it cool the rest of the day, if dad was around I’d would have headed to the golf course…
intu 02122014