As the market continues to be wide and whippy, traders have to buy at the bottom and sell at the top. I've been expecting the bottom to fall out but this has just not happened. I found my trade of the day in MET while doing my 9:45 wide range bar scan of my 100 stock universe. MET had gapped up this morning showing a 2nd sign of strength for the daily buy traders. As the market looked like it was going to reverse @ 10 o'clock reversal time I notice MET just about to trigger a 5 minute buy. Once triggered I entered the play @ .04 cents and it was not long before I was offering 1/2 of my shares at my first target of .26 cents. As price action pivoted 15 minutes later I moved my stop once another 5 minute buy triggered but unfortunately price came lower and took out my moved up stop. A great little trade to start my day but from then on the overall market was making it very hard to have a bias nor did any of my watch list setup the way I like. Finally near 1:30 reversal time I found MET setting up for a 15 minute buy. As the buy triggered I was in @ .22 cents and soon my first target was hit @ .43 where I found myself just selling the entire amount. The market was still not making higher highs and there was really no reason to stick around late this Friday afternoon... Two nice trades in MET made for a great Friday.
MET 09122014