Two smaller plays in ALL and FB get the job done…

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Tricky little day today with the start of earnings season, not a lot of quality gaps to play but I did notice that Facebook was gapping up this morning after consolidating for most of the day yesterday.  FB gapped up and went sideways for the first hour finally breaking out near 10 am reversal time, I was in with full share size as the breakout bar closed.  Price action continued sideways and finally popped to my first take profit area of .38 cents where I sold 1/3rd of my shares.  My next target was .70 cents where I sold another 1/3rd.  I trailed out of the play as Wall Street was heading into lunch @ .61  A nice little play in FB to get the day off right…

FB 09042014
FB 09042014

As the market continued to grind its way upward there were really not a lot to look at as far was quality patterns.  Traders had to be patient and as lunch was ending on Wall Street  the FOMC meeting minutes came out at 14:00 which rocked the market bullishly.  I just happened to be stalking ALL for a long entry as it was nearing it’s prior day’s close.  I found ALL on my daily buy watch list expecting that price may trigger a daily buy.  I had just given up stalking ALL, as price moved back down below its PDC, but then the FOMC minutes came out and ALL broke out to the upside.  I took the 123 pattern that formed on the 2 minute chart, long, and entered with a full shares @ 56.00. Soon my first target ,which was 1/2 way back up to the prior pivot high, was hit and I sold 1/3rd of my shares @ .10 cents.  My next target was the prior high and was soon hit where I sold another 1/3rd.  I was hoping for more but price had already put in a long day so I found myself trailing out of the play @ .16 as price began to weaken…

ALL 04092014
ALL 04092014
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