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Good morning all,

Today's trade idea hasn't gone to plan and for that we apologize. I know it's hard to swallow, but we can't win 'em all. 

Hopefully you read through last night's email and took note of where I emphasized this point...

"... if by some chance there is short term selling pressure / profit taking at the open, look for opportunities to enter the trade on the dips."

Profit taking is exactly what we saw this morning. The volume in the first 5-10 minutes was significant, but it still couldn't crack new highs. And with a heavy looking level 2, the writing was on the wall early.

Buying the breakout can be super profitable, and we've banked on many over the past few months, but timing is important, and it's something we cannot always control.

Where to from here?

Now that there has been selling pressure this morning, we think there could be opportunities to take advantage of the pullbacks in anticipation of a bounce. 

Of course this is not entirely without risk either. Make sure you key support levels in level 2 closely and employ good risk management, like I always preach. If you'd prefer to sit this one out, I am lining something else up which should be a little less volatile and more profitable.

I'll touch base again soon.

SmallCapMomo.com

 

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