There, I said:
"Little pauses along the way, but in 7 sessions it has doubled. Looks like profit taking is soon in the cards."
This was not a play for the inexperienced, though.
For one thing, the stock was still trading above its open on the session, and above the previous session close.
However, this stock printed the biggest red volume stick (5 minute candle) of the day, and the previous day, with a wide range at 11:30 A.M. EST. I jumped in almost on the open of the next stick to print (paper, as it was far too risky to actually play) because the stock ran up vertical from the gun, and took out support on *two* consolidation ranges that followed the initial run-up in the act of printing the aforementioned candle.
If I had been adventurous enough to actually play this I probably would have had a position of no less than 500-1000 shares on bigger sized "real" stocks and several times this on such inexpensive equities.
As my play was only for demonstration purposes, I had a mere 200 shares, which I discuss in today's recap.
Scalping is sometimes possible, as in this play, but it requires precise timing and big positions and or leverage to make it worthwhile after commissions and slippage, etc. I covered on slowing momentum, but not the bottom. You have to really have precise situations and or tremendous momentum/range in a short period kinds of set-ups to make scalping worthwhile, & it is not suggested for novices. Plan on longer holds, mostly.
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