The Hit List is a look at our current swing trading positions. Stocks we are already in have “triggered”, while those we are considering for plays have not triggered. Click post title to view print-friendly link.
PBR stopped, HOC triggered & stopped, KIM & NAV added
Open Position Notes:
STT reached a new recovery high early today, but reversed lower and finished in the red. The positives from today in this one were that it did not trigger my stop, and that volume was lighter with today’s turn lower. This may have been a headfake type of move, but given that my stop is only about 1% from current levels I’m going to stick with it heading into tomorrow and see if it can hold. I do still like the pattern here, but today’s lack of follow through doesn’t make for a pretty bar on the chart. Let’s see where it goes from here.
Closed Positions:
PBR turned higher this morning, stopping me out for a small 2% loss as it cleared the $49 level. Not much later, the stock did reverse and turn lower, which is irritating to see after having been shaken out. Nonetheless, abiding by my stop loss levels has saved me many dollars over the years, and there was no indication this time would be any different. The stock is still struggling to overcome recent resistance, so I’ll keep it on the radar in case another well-defined entry appears on the chart.
HOC triggered a buy this morning as it cleared its bull pennant pattern with a breakout, but the strength was fleeting and the stock soon reversed hard. Not only did it turn negative on the day, but it took out my initial stop loss. This is known as a whipsaw to have a trade trigger an entry and soon be stopped out, and from time to time it happens. It’s frustrating, but in this case I felt the risk/reward for the setup was worth taking. I’m now out with a modest 2.3% loss and will stand aside from this one until a new pattern emerges.
Don’t kick me out of the hideout, but I took both of those trades on Friday PBR & STT and the Friday curse continues for me, LOL.
Hey Omar!
It is never fun getting stopped out, but surely it can be worse than a pair of 2% losses. I’ve had plenty of days over the years I wish were that good!
Are you missing the winners or something? Or is this based purely on the Friday element? I don’t get the ‘curse’ aspect of your comment.
It’s just my luck when hold positions over a weekend that were taken on the Friday.
Yes, I got the winners too.
Thanks
I wish they both would have gone the right direction today! But I’ll just reiterate my comments from last week, which is that “if you have an aversion to initiating trades on Fridays, then go with your gut.”
My style is that when I locate setups which look good enough for a trade, I don’t purposely avoid taking them based on the day of the week (just as I do not intentionally trade more on other days of the week).
But that may differ with you, and if so, I would encourage you to do what works best for you. We are all a little different, so your plan does not have to be just like mine. My hope is that you can and will take what I offer as a supplement to your own plan. And who knows, maybe STT will shape up!
Have a great night Omar!