I had two smaller plays that I held both into 3:30 pm reversal time, the first was a play in EBAY which I found on my gap up list this morning. EBAY did not score but since I had no longs on my daily list, it made the list. My first entry was on a 15 minute buy setup that triggered late in the morning where I entered with a few token shares. 45 minutes later price was retesting the area triggering a bottoming tail and a second sign of strength so I added to a full share size on the play. I was soon rewarded 10 minites later as EBAY hit it’s first target @ .44 cents where I sold 1/3rd of my share size. Price action pulled back again retesting the lows before going sideways into the afternoon. Price just seem to drift into the afternoon before rallying back up into the .44 cent area, this time I sold the rest of my shares with a little over 2/3rds risk unit made on the play. Here is the 15 minute chart for my play in EBAY…
EBAY 03172014
My next play came as a short play in ABX that I found on my 9:45 am wide range bar scan. I usually avoid playing ABX because it can be hard to predict compared to the overall market. My gut told be that this play in ABX (gold) would be inverse the market (QQQ), so since I was bullish on the overall market today, I felt that I would see continued selling in ABX. My first short triggered as a 15 minute PSS at reversal time where I went in with a small share size short. Price continued nicely lower before bouncing and making a solid green candle. I had decided that if this green candle gets taken out by a red candle, I’d go to a full share size on my play. Nice to know what to do a head of time as price took out the solid green candle so I add short to my play and went to a full share size. Price soon found my first target @ .54 cents where I covered 1/2 of my shares. ABX bounced a couple of times in the afternoon but overall stayed bearish into the 3:30 pm reversal time where I decided to cover the rest of my shares with about a one “risk” unit of profit. Overall, almost 2 risk units of profit for the day, not bad for a Monday, I’ll take it. Have a safe St. Patrick’s day!
