ONDK doubles backAfter ONDK finished its 4-month decline in August the stock started trading in a sideways move. During the sideways trading, the stock has also tested the $9 level (red) as support on multiple occasions. About two weeks ago ONDK broke that support and fell over 20 percent. The stock’s current rally has brought it almost back to the $9 breakdown point.The Tale of the Tape: ONDK broke a key level of support at $9. A trader could enter a short position on any rally up to, or near, $9 with a stop placed above the level. If the stock were to break back above the $9 level, a long position might be entered instead.Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!Good luck!Christian Tharp, CMT@cmtstockcoach