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ALTR and EBAY

Yesterday was a very lack luster day in terms of the market price action. Looking in bigger context we can say its a continued pause after the up trend day we had Thursday after the FED announcement. While today was not the easiest day to trade, a few Keystone traders were able to take advantage of morning price action in a few stocks.

ALTR in the morning came out the gate pretty strong, within the first 15 min it traded and closing above Fridays high. Entering the stock was a bit tricky as there was only a small pause right before the 15 min ORB. After the break there was no real identifiable pullback on the 5 min chart. Therefore the next possible entry would have been a 15min foundation candle break. The stock had a strong momentum move for about .50 cents out side of the ORB.

Another stock that opened up promising but was not able to follow through was EBAY. Similar to ALTR within the first 15 min the stock was above Fridays high. I actually took an aggressive entry in this stock entering after the first 5 min close above Fridays range near the 36.00 level using Fridays highs of 29.90 as support. The price action was able to follow through for the next 5 min but subsequently came in as the markets (SPY) was breaking below it’s 15 min ORB.

Not giving up on the long idea, the next trade was the first swing low on the 5 min chart looking for new highs in the stock. Which was actually very close to my first entry and the support of Fridays highs (as you can see on the chart below). Even though the stock has able to briefly make new highs, the price action came right back into the morning range and break down into Friday price action, which stop the intra-day long idea until price action was able to hold new highs (which is never did)

 

 

 

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