VIPS, Chinese IPO name had a daily chart break out in a down day on heavy volume. Notice how the stock trended up all day off 5 minute 9 EMA, breaking flag after flag along the way with new highs. The stock came to my attention late in the day around 2:30 . I had a feeling this is a candidate for a quick “end of the day run” day trade, based on the simple old theory that a strong trending stock with heavy volume tends to finish at the highs.
As you can see from the intraday chart stock bounced of rising 9 EMA all day and breaking flags and making new highs all day.
We bought the stock at 24.40’s giving is easy .10/.15c stop for an end of the day run quick day trade.
The stock explodes right before the close with , we sold all our shares at 24.90’s for a nice and really fast profit, as the stock hits a high off 25.54. About $1.15 gain from our entry.
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