Always dance with the one that brought you, so when NTAP setup a 15 minute buy, I was all over it. I was patient on my entry, price started to move up nicely putting in a nice 1 minute pivot where I should have moved my stop, this would have been a break even from then on. Price soon rolled over on me hard with no recovery in site even though the entire market was breaking out two new highs, ouch! I've seen this pattern before as price moved back down to 1 penny lower then my stop, price then shot back upward where I thought I'd be ok but no, price came back down again to test this area. At this point, I recognized the pattern, with such a drop back down into this area from the break out that triggered the 15 minute buy is now going to act like major resistance, and the next time price moves into this area, there will be sellers waiting. I decide right there that I would sell at my break even which is about the middle part of this area at .70 cents. Well, I finally got a reprieve as price shout back up through .70 cents, I sold and as I predicted, price rolled back over and has since moved lower. Time in the chair has saved me on this one...
NTAPII01282013
NTAPII01282013