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Colorado/Scotland, United States

Tuesday, 19 January 2010

RINO


Im not much of a momentum stock trader, but I think its worth mentioning that RINO filled its gap. I think if it shows strength for the next few days it will be worthy of a probe on the long side. My mental stop would be below $24.25, but price would need to stay below that level for a few days and show continued weakness. Coincidentally the 90 day s.m.a currently resides @ $24.59, therefore there should be plenty of support around my mentioned levels. Which is why my exit strategy will be based on action and not price. I will be monitoring intra day charts closely for clue's when price is around my mentioned levels.
As for an exit price $31.00 and higher seems to be a good point to take half of the probe position off and let the rest ride and set the stop after the first target is achieved.

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