Trade on Cienna Corporation (Nasdaq: CIEN)
Posted on February 14th, 2007
Written by Richard
Posted in: N/A (old archives)
I haven’t traded yet this week… it’s a combination of relatively slow days, and I’ve been asleep during part of the market day. But, I woke up today around 10:30EST, and immediately saw Cienna Corporation (Nasdaq: CIEN) acting strong. Okay, a lot of stocks looked strong this morning. But, as the 5MAs caught up to the up stocks, CIEN kept drifting up, rather than sideways or slightly downward. I take that as a very positive sign. Here’s the 15 minute chart prior to my entry:
Add to that the fact that it was brushing up against round number 30, and a massive Ask size at 30, and I knew I was going to play the push up through it. This was a pretty satisfying semi-scalp, since I got out very near the local top, by reading the shakiness of the T&S data. I always feel powerful when I get a read like that correct. Here’s the 1-minute chart of the trade:
1.41 R. Nice. Now, the only question is if I should get back in, when it turns back around…. I’m never good at that. In fact, I’m probably missing my chance while I blog this… :-)
I got out at first sign of weakness, rather than holding, for a few reasons. First, 30 was a major resistance area, and the stock wasn’t doing anything close to 400% volume, or anything. Second, lots of big money was fading this move, as seen by the big ask levels every few cents, and the MM ids on the TotalView. Third, isn’t some sort of Fed speech going to happen today? I’m so out of touch… I need more sleep!
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© 2010 Richard Todd. I am not a financial advisor, and nothing on the site should be considered investment advice or actionable recommendations. I'm just an individual, saying what I think, and sharing my experiences.