Once in a while, a rare opportunity knocks on your door. Last night, it happened to be lady luck knocking. I was given a chance to trade one of the newer stocks listed in the Nasdaq, Bidz.com Inc. (Nasdaq:BIDZ).
It's very clear that BIDZ started with a symmetrical triangle from June to September of this year. Again it consolidates into a triangle; an ascending one this time. The resistance gave me a trigger of $15.35 as the proper price to buy it. I was targetting $17.94 for the triangle.
The premarket figures were higher than my buying price but only by 15 cents. I just posted my buying just the same, in case I was lucky to get some. What I thought was a glitch happened to be a legit selldown to $14.75, thereby giving me shares at a cheaper price than I thought. Within the first 30 minutes of trading, I saw BIDZ was very strong as it surpassed $16.30 in so short a time. I just thought, what the heck, I'll post my selling. I don't think it'll hit my target anyway.
I left the PC station for a while. After 10 minutes or so, I saw that BIDZ created a high of $18.35 at that time. I never thought that a 17% gain could be achieved in so short a time.
I'd say that this was one of my best trades for the year. It will rank high up there with my shorting of KIM earlier this year.
Can I get a replay on this again? I'd like to add another 17% in an hour...