Went long on minor daily buy point of 26 on Massey Energy Company (NYSE: MEE). It was also above Friday’s high. My target was a test of the HOD, 26.27, set in the first 30 minutes. I didn’t expect it to break out of the OR, since everything was so negative. But, it had good volume, and was going up, so I wanted to ride up at least that far with it.
You can see how well that didn’t work out! :-) This is the 2 day 30 min chart so far…
It went up a tiny bit, and then straight down to my stop (at Friday’s HOD 25.88ish). I watched it go all the way back up in the next 30 minutes, which made me want to get back in. Luckily, I decided to wait for it to get at least a few cents higher before making another move (maybe like 26.12ish), just to show me it meant business this time. It never made it, instead falling all the way back down again.
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