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TXN continuation

txn.jpgTXN Texas Instruments had a huge gap up about 10 days ago and never came close to filling the gap. This is a stock (and sector) we trade on a daily basis. The trade we were stalking was an eventual continuation of the the strong gap. The stock consolidated for the previous four days, we were now anticipating a break out from the consolidation. It was expected the move would be to the upside because the gap was never filled, indicating remaining strength. 

The stock opened very strong, unless you were very quick on the open you may have missed the initital break out above the 4 day resistance level. That was ok because the trade of the day was the first intra day consoliation. From 9:40-10:10 there was a nice little trading range that was forming at the figure, $36. There it was for the taking, the stock slowed down just waiting for you to grab some shares. The rest of the trade was easy, it made a nice smooth $1 ride. Ring the register and go to lunch.

Are they all this easy? That depends, I can promise you, the harder you work, the luckier you will get. 🙂

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Categories: Trade Replays
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