Jul 13, 2007

CIT - Short

CIT was the only stock in my watchlist that met all my criteria and presented a good short opportunity. I missed nothing today and made decent money so I feel good. Here's the trade (15-min chart):

  • Placed fibs from first bar low to high
  • Price retraced but met considerable resistance at the 38% level
  • After a doji on the 6th bar, price dropped down and just below the 61.8% level
  • Shorted on a break of the 7th bar low
  • Exited on break of the 16th high
  • Ho hum trade, but profitable and stress-free

4 comments:

jason said...

Great trade! I love ho hum trades; to me, there's something more satisfying about a slow moving, well behaved trade that hits your target, than a trade that shoots up and hits it in a single bar. Although, this attitude is contrary to basic economic theory, since your money is tied up for a longer duration and therefore exposed to greater risk. Whatever, I'm illogical I guess...but, of course, you'll never hear me complaining about the fast moving ones!

OONR7 said...

I totally understand what you're saying. I really don't mind my money being tied up as long as I have enough to enter other trades. Today's trading was awfully business-like... which was a very nice end to the week.

Bubs said...

Great trade OONR7, I agree that the slow trades feel just as good.

Anonymous said...

not necessarily slow trades, but ones that move your way immediately & dont really wiggle too much near your entry. again, nice trade.

QQQBall