$FTFT was a pretty easy play today when it popped up on my scanner. I was trying to get in at around 3.50 but it was moving too fast. However, it had a decent amount of range to play with so I was able to chase within reason.
I got in at 3.65 with 2K shares and exited at $4.10 for a quick $889. You can see it ran out of gas when the 30m chart RSI crossed above 80, MFI levels almost touched 100 and it was trading well over the Keltner Band (20,2) and Bollinger Band(20,2) indicating a strong pullback was coming.
I'll verify once ETRADE posts.
Stephen
Posted Feb 16, 18 6:10 PMbyStephenR
Categories
Smallcap
Tickers
FTFT
Related Trades
Received 1 Karma
what was the catalyst for the movement? first green day, news? just curious....
No catalyst. Stocks don't always need a catalyst to make big intraday moves. Sometimes they just go through a technical breakout. For FTFT it bounced off the 200-day moving average for the last week or so and then showed a lot of strength into the close on 15 Feb. The next day it had a strong opening range breakout which my scanner (EquityFeed) picked up.
i take it you got in on the quick pullback after the opening on the 16th?
Yea, I think I got in this at around 935 or so. Generally, I don't take trades like this since I like the 30m chart but it was a gift.
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