Springboard?

Well Traders, as I mentioned in my earlier post, ANDE bit me in the behind. I am not that upset because I planned my trade, and traded my plan, and based upon the signals, I needed to get out when I did. That is just the way it goes sometimes. ANDE ended up skyrocketing late in the day which may indicate that today was the bottom, and the upturn truly begins tomorrow with another up day. Here is the daily intraday chart...look at that late-day movement!

Now, look at my revised ANDE chart below in which I eliminated the Ascending Channel, and instead reformed it to just be diagonal support and diagonal resistance. You'll notice that as soon as it hit that support line, the stock springboarded up the rest of the day. Kind of an amazing thing to see really.


So now what? Well, the fact of the matter is, the original play is still intact. In fact, if tomorrow is another up day on ANDE, I'll get in again and ride it up to the first target price indicated on the chart. I'll then tighten up my stop-loss to capture profits. If it races towards my second target price and my STO and MACD are indicating weakness, I may sell a Covered Call, or just close the position and take my profits...then wait for the fall and bounce and snatch it up again.

Happy Trading!