I rarely try counter-trend trades but ANTP was just begging to be shorted. And I figured that the 50 area might turn into resistance. This is one from the "try anything but use a stop" school. (An old Todd Harrison quote.) Here's the intraday chart (15 minute candles) followed by the daily chart:
So the intra-day technicals were the main trigger? Looks good for 5-10 points possibly?
Looks like a pretty good intra-day trade at $50. I'm looking at $47.13 (2:16 PM - EST). It's not my style to short this way, but it looks like profit taking is take place at the moment.
:-)
Eeep...that should be "taking place"...seems I need to upgrade my fingers to Version 2.0.
;-)
Duru,
It wasn't so much the technicals. I just saw a spot where I could put a stop to get a decent risk/reward. THe run has to stop somewhere, so I figured that I could *lean against* 50, even though it wa already above 50. You know how round numbers are.
I got into this at 24.19 on the 20th of Dec. I had a really good feeling it was gonna break out. By the signs I saw it looked like it was gonna break fast so when it went up and than down I got out figuring I could take a little bit home with me, without taking a bath. Then it runs up from the 22nd when I sold it until today...Ugghhhh
I think 50 will be a minor resistance point it will flatten tomorrow and blast off on tuesday...
Sorry to hear that you missed the big run. So you really think it's gonna go even higher?!?! Why? It can't keep going parabolic forever.
Anyway, I covered it at 3:45 since it was being so stubborn. I'm sure it'll take a while to fall back to where "it belongs". I think I'm finished with it.