I didn’t start this week until late as I took an extra-long weekend. Such is the joy of not working for the man. Wednesday appears to have been a good day to get back in front of the screen though, because it offered up this nice two-biter from TAP:
Actually it was a four-biter, but I missed the second and third bites. Can’t always get them all.
Anyway, the first bite at this cherry looked was one of the more run-of-the-mill trades. The proximity of the MA was the only yellow flag, and the price got stuck there for a while which was why it was a good place to get out and pocket just over $500.
The second bite, and the first one I missed, came just a few bars later. There was another $500 or so on offer for anyone who on the ball.
The third bite came after 11am. This was an annoying miss because there was an easy target — the close of the gap. The gap did indeed close so there was another easy dollar-per-share up for grabs.
However, there was more weakness to come, and by the time the fourth bite came along, I was ready and willing to take the chance. By then momentum was not quite what it had been. We were heading into lunchtime, and the price started bouncing around near what looked to be a bottom. I set my exit order and let it do it’s thing — there was plenty of profit booked so giving it wiggle room wasn’t a problem.
These two trades netted $2,360 profit, but there was at least another thousand to be had from anyone who was paying more attention than me.