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Some more perspective on this trade:

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THREE-DAY-TRADER   Thursday, 12/08/16 08:40:07 PM
Re: StockBull post# 811
Post # of 858 
Some more perspective on this trade:

After hrs early on so far it was showing 6.90-7.00 ask all evening.
That said, it could bounce anytime.
Just looking for a quick flip here, not a trend reversal. I'll take first approx bounce area it gives me, which should be at least 10%+.
This is so oversold that at a move back up to 7.85-8 it would be a nice double digit return(12-15%) from 6.90-7.10 and that would be only looking for a rebound to an avg mean of 9 day avg approx.
My trade is not looking for crazy huge moves up or greedy hope for trend reversal.
It is also reasonable that it could get to 8.50-9 within 2-3 days on a short term volatile move, and that would be a 20-30% profit from today... which exemplifies how oversold RUSS is.
If RUSS goes to 8-9 or even 10, the RSX uptrend overall is still intact.
I'm just playing a modest return to a short term avg means (such as 5, 9, or 20 day avg areas)

Also realize one can scale-in 2 times, not go all in today, etc. I'm not planning a major scale-in, but just saying one could do it at 7.00 and maybe 6.50-6.75 if it happens to get some pressure down yet, then set a stop-loss a little below that.
And in terms of selling, it may be wise to scale out similarly by selling half on first eventual gap up, and then wait to see what happens in next 1-2 following days with last half, just in case it pulls back after only one day up move, or in case it does get 2-3 days run up. It's a matter of playing this knowing one does not know how high it will pop when it does, but still averaging out with a good % profit (quickly) and not staying in it with an excessive long hold period.

FYI ~~ My Alerted UGAZ & LABD trades (for quick flips successfully for double digit % profits) back in November & August were applying approx same tactic & similar metrics for buy signal as RUSS is today for me.

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