This stock generally does not move a lot, check the daily chart and you will see it moves very little means it moves about 60 cents to $1 avg on a daily basis (up or down).
On 18th, this stock moved over $1 in the last 2 hours of trading due to fed announcements (so did most of the stocks). Today on the 19th it opened way too high, close to 54. The first thing many people will do when a stock opens over 10% up, is to take profits. This translates into selling the stock, means more people are willing to sell the stock to take profits. Hence in the earl part of the trade, I expected this stock to go down. It was unfortunate that when I tried to sell the stock twice, my trades for some reason did not go through, else would have made tons today.
Now lets talk about technical reasoning.
Pre market this stock was close to 56 and it reached close to 53 by 9:30 am. So when the market opened, this stock started to skid from 53 downwards. I immediately called for shorting it at 9:32. Adding to the short position after it dipped below the 1st 5 min chart would have given some good gains. It immediately gave good results by going almost $1 down where I would have taken my profits (since I do not hold stocks full day).
If you are interested to see how I trade and my strategies and when to add to wining positions, please feel free to check my website where i do offer to teach my strategy at a small cost.
