May 5, 2009

Tuesday's trades

Started the day off with a mistake. Shorted SBAC off a break of the 10:20 bar low. After the next bar closed, I went to set my stop and accidentally set the stop at 23.25 instead of 24.25. I was out immediately for a small loss. After looking at the setup again, I really didn't like my decision to enter and just took the loss. I probably would have exited this trade at BE as price did hit 1R.
Then, I went long PEGA off a break of the 11:20 bar high. The trade took off quickly and I was hoping for a nice run. Even though it was a thinner-than-normal trading stock, the setup was decent. The ORH was an initial target of interest and price broke through that pretty convincingly. Unfortunately, price just churned after that until the close. I ended up scaling out along the way for a nice profit. 


bl said...

NR, PEGA 2/30" chart upgrade & +eps. The rat pack moves up: mgm lvs wynn asca byd mpel. Premkt scan(+8%)lvs mgm eps % upgrade. 30" charts look good. Bot BAC 10.91 and sol covered call 11May for 1.01! Can you believe 10% premium. Hope "they" let me down slowly Wed/Thr!

OONR7 said...

bl: I agree... I've been seeing a lot of nice setups off the :30 as well. Trying to pick and choose at this point :)