It’s been a couple of weeks since I talked about making money from Facebook. As the company lurches from one data breach to another, and one privacy row to the next the stock continues to offer some excellent trading opportunities. Wednesday provided some good examples:
As we can see, this was a three biter. The first entry was a no-brainer — a textbook setup with the added advantage of a nice triangle pattern to add weight to it, good volume and momentum, and a realistic target with great profit potential. The target was easiy hit within fifteen minutes, netting $850.
I would have left it there and been happy with the result, but the price kept going and showed every sign of having more to give. So when a second entry came along, it was well worth taking. With my finger hovering over the exit button ready to give back no more than $50 of that first profit if I was wrong, I watced it make me another $500 in ten minutes.
After bumping up against the second target price for a while, it made another break for it, and I was happy to go along for the ride, taking profit at the obvious target.
Finally momentum faded, the price started going sideways, and more importantly, it was lunchtime, so that was me done for the day. $1,780 banked. A nice morning’s work.
FB wasn’t the only tech stock to fill the coffers. AAPL had also given a nice trade before FB kicked off:
As is so often the case with Apple, the trade was fast and furious. $770 profit (exiting at the target) in about fifteen minutes. Just as well, as it left the account funds available for the FB trades!