The movement in energy stocks dominated today's trading activities. Here is one example of what we bottom picked in the oil sector: $ESV (Ensco stock).
We love to step in front of any parabolic moves (any intraday sharp move that results in a big gap from the intraday trendline) and ESV had just that. Sellers seemed like they were forced selling, meaning just dumping stock at any price at market without caring about any possible exaggerated price movement. We find these incidents to be prime times to trade these parabolics.
We starting nibbling into the downwards tank and sold immediately on the way up after the stock was halted for volatility circuit breaker. Yes we should have rode it a bit more before taking profits but a quick $2,645 never disappoints! Join the MookTrader stock chatroom to learn how to successfully trade parabolic moves.