Let's face it, a lot of time trading can be dull, boring and frustrating. Much of the time nothing is happening and as a result no real money can be made. But every once in a while, everything comes together and you are in the right place at the right time. And days like that are what make it all worth it.
Wednesday Morning Feb 27th was one such morning when everything came together. It was a day when Oliver Velez type day trading worked beautifully, where you buy in the direction of the first 5-minute candle of the day, with a stop loss below the low of that same bar.
This setup worked with many stocks but the one that screamed buy to me was Linked-In (LNKD), After a brief and recent consolidation between 155 and 163, the stock started to push the upper zone of that range and looked like a screaming buy on the daily chart.
So took a one half-size position at about 9:40 AM and stock just screamed higher. Now having cleared the $165 area the next logical stopping area is $200. Its in what John Carter calls "blue sky" territory. There's no more supply. Smoke 'em if you Got 'em ..
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