$GNK - This was a great morning play on the long side! But then there was some news out and started to look bearish. As you can see on the chart above, that there is a solid support line at $2.00. That is the price to break before the washout.
Here is a closer look at the point of washout. You can see that right when it breaks $2.00 the volume rises and the sellers take over from here. Great washout. I had an order for 500 shares at $2.00 but there was no shorts available. Bummer really. Could have made a quick hundred bucks on this one. And if I would have held it to the bottom of this graph, could have made close to $150 bucks in about 15 minutes.
Even though I didn't get into this trade, I am glad that I found the setup and had everything ready for the trade! This is what it is about, finding the right setup for long, or shorts. This was a great play, unfortunately no shorts available. But nevertheless, I am proud that I am finally getting the hang of it. Learned a lot in these past 2 weeks. Summer is going to be HUGE!
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