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  • Thursday, July 14, 2005

    July 13th FMD

    FMD was taken as a daytrade for several reasons.In the morning it had traded up quite a bit, then continued sideways for most of the day in a nice tight channel.Once it traded above that channel I entered long off of the 5 minute and 60 minute chart. Both charts had a rising MACD.Reason one for taking this trade was its trading above a sideways channel, reason two was its rising MACD, and reason three was that I had been watching SLM, which trades in the same group as FMD, keep making highs on my list of new highs for the day. Along with the fact that new orders were climbing over each other to buy, I had several factors in my favor, and it was a low risk trade.Entered at 35.25, exited half at 35.73 and the remainder was exited at 35.81.


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