Thursday, April 10, 2008

Thursday trade - INTC


I don't normally trade Intel but this setup was too good to pass up. First there were a series of NRIBs, then the last one was an NR7 on lower volume. The Nasdaq was looking overextended at this point, so I was not going to hold this one for long. I saw the resistance on the daily chart at 22.45 and was looking for a lot of green on the tape and overall market momentum for me to stay in the trade. The tape really slowed down around 22.40, Apple started going down, TICK went negative, etc... so I exited almost at the high of the day. Only 1.42R, but better than a kick in the teeth.

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