This trade in TWX kind of reminds me of a quote from Mark Douglas’ book Trading in the Zone, “You must be rigid in your rules and flexible in your expectations” as I found TWX on my short list for a possible 9:45 am wide range bar play. But the price action in TWX dictated the opposite as price found a bottom and rocketed upward negating the mornings beautiful wide range bar. I would normally not even look at TWX for the rest of the day but the move was so outrageous, so powerful, price got my attention. One of my main rules is that price must be above the prior days close for me to be able to trade the stock long. As price in TWX took out the close and continued upward taking out yesterday’s highs, I had made up my mind that if/when price were to pull in, I’d be all over it. Well, at 1:00 pm TWX triggered a perfect 15 minute buy and I was in full share size @ .86. Price moved up rapidly hitting all 3 of my targets @ 63.14, .25 and .50 where the trade ended. Wow, what a trade!
TWX 02052014