WOW IMGN must have been one of the best plays of the day.
If you were watching from Dec 30,2016 when it had its 2nd biggest day in volume for the past year, trading 17.5 million shares on this day, you could have kept it on watch for the next time to test these highs and take some easy predictable profits.
From Jan 4th till - Feb 24 it had been bouncing around in a channeled area of support and resistance. Closing at 2.71 on Thursday, .02 higher than its previous resistance back on Jan 9.
Was also crossing its 200 day EMAs
When a stock is consistently trading in a tighter area, watch it closely, look at the longer term chart, follow it each day to see how its closing, Hows well does it follow the EMAs? Keeping watch on few stocks over a few weeks or days can easily be your next winning trade.
Taken me too long to learn this. But I learned it!
If you were watching first thing at the open you would have seen your predictions playing out the way you predicted them to.
Crossing its 200 EMA, Breaking out over 2.72. If you missed that, the next entry, which is also where my order was placed at 2.92.
A perfect area to buy, right once it Bull Flags and trades from 2.92 - 3.02 in 2 minutes, comes back to its 9EMA before pushing off of them again for a $.14 run
I sold my shares at 3.07 Getting out just before it first traded back to its EMAs. I sold into strength. Didn't have the patents to wait and see what might happen.
I sold my shares at 3.07. Didn't want to risk it coming against me. Even though many signs about this chart set up gives many reason not to sell too soon.
Look closely to the Intraday chart I have placed here. Notice how well it rides along the EMAs. If you got in near them your risk would be very tight and safe. Sure it takes a dip in the afternoon, which is also very noticeable for the fact that volume has faded.
Closing right at its high of day another good sign for strength tomorrow...
Please leave your opinions in the comments below. Constructive criticism is appreciated.??? GIVE SOME KARMA??


Looking to fill the gap!
Join now or log in to leave a comment