$MYND Spike From Nowhere

Identify The Trade

$MYND was a runner that came out of nowhere and with very little volume so it was on my radar but not high quality trade potential. Still when it began spiking I watched it closely looking for where I could get a position.

Choose The Strategy

The strategy for this stock was to see if I could get in after the peak by watching level 2 action. Once weakness set in, perhaps around the whole or half dollar mark I could take a position and ride the trend.

Setup, Entry and Exit

Execute The Trade

As I watched $MYND make a huge spike moving from $1.40 to $2.10, I took a position, unfortunately an early position on the front-side of the move and I had to wait as it spiked up to and through my risk level. Fortunately it quickly faded back but not without one more retest of my entry. I held to my risk level and the stock faded back down to my exit at $1.55.