$MYND Runs For Double

Identify The Trade

$MYND wasn't very interesting premarket or even at the opening bell, but after a few minutes it decided to run up fast and hard nearly doubling in value. This caught my attention and immediately I was interested. The background of the company was low float and ripe for a good trade.

Choose The Strategy

With the chart history useless for support and resistance levels, my strategy was to use half dollar/whole dollar levels to short against. Since it is summer time and because a lot of recent stocks don't seem to be running hard, I allowed the riskier trade into my play for the day. My first trade was against the $2.50 level and second trade against the $2.85/$3.00 level.

Setup, Entry and Exit

Execute The Trade

Executions for this trade were all on point. The first trade I was able to get in during a retest and failed flag and I was gifted a very sudden drop off to my sell points. About an hour later, $MYND decided to return and break into new high of day prices, so I took another stab with a looser risk level. The two re-entries were both on the backside of spikes and fortune was on my side that my risk level was never seriously tested. A slow fade into the afternoon gave me my second winner.