I found CSCO this morning as a beautiful Tier II bullish gap almost a Tier I if you were going to give CSCO credit for gapping over resistance. My guts told me to play it like a Tier I which allows me to buy almost at the open. Well, I found myself in after only 41 seconds @ .44 cents full share size. I felt that price would hit .50 cents but I was not sure if it would make it through this area. As price hit the .50 cent area, I was able to bring my stop up to a break even on this aggressive play. As price broke through the .50 cent area I sold 1/2 of my shares @ .54, then price rolled over where I found myself selling a quarter of my shares at .55. With a quarter of my shares left I held on as price hit my next target of .65 where I sold 1/2 of what I had left and watched as price moved to the .75 area where I sold a few more shares. I had ran out of pivot point targets so using the Fibonacci tool I was able to locate the .75 cent area as a target on the 60 minute chart. With token shares left I waited for CSCO to pull in and to trigger a 15 minute buy, I started to add shares slowly on the 3 minute chart just above .50 cents as I found this area as well using the Fibonacci tool. I added shares to an average price of .49 cents and also moved my stop to a break even on my last remaining shares. Unfortunately, price could not hold the area and CSCO has sold off with the market. A nice 4 Risk unit play made, a great way to start the week on this 13th day of January 2014 🙂
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