When Your Trade Prep Keeps You Out Of A Trade…
Because you prepare does not
mean that you necessarily have a trade to take. Sometimes preparation works best
by keeping a trader on the sidelines when things just don’t end up making
‘cents.’
09:28:19
Ahead Of The Curve
OmniVision (OVTI)
is off approximately 6.25 points at 19.21, after the company guided down for the
July Quarter. Today’s action is of technical importance for two reasons. The
premarket lows of 18.35 have held a zone of daily support between 18.25 – 19.18,
and the issue has taken out prior 20 day lows, making this a strong candidate
for the reversal play known as the Turtle Soup. A move back thru the prior low
of 19.86 would trigger Turtle Soup longs, but intraday players might look for
Opening Reversal longs using the 5-minute chart and the 15-minute opening
range for reversal breakouts.
…and then another one that just didn’t quite
add up to a trade.
11:22:52
Intraday Update Alert
OmniVision (OVTI)
never triggered reversals, and subsequent trade has the support zone being
broken–now off 7.81 at 17.66. This action has the stock forming a low level
Slim Jim , with a downside air pocket to the 16.80 area.
Sometimes watching from the sidelines should be
the worse case scenario.
Chris Tyler