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.
MDVN triggered, CBT & MDVN stops tightened
Open Position Notes:
ILMN bounced a bit today, stopping just a penny short of my adjusted stop loss for my remaining 1/2 position (1/2 was closed at Target 1). This validates my stop for the time being, and I’ll wait to see if this one can turn back down. If not, I’ll book the winner, but hopefully it can head toward Target 2 before it’s done.
CBT cleared yesterday’s high by a couple of cents today, but couldn’t stand it and gave back its early minor gains. It finished the day just a short distance from my trigger, and overall this is not the kind of breakout behavior I’d like to be seeing. I tightened my stop for this trade tonight because of that, but perhaps it just needs one more shot to gather some momentum. If not, I’ll honor my stop.
MDVN triggered a buy today as it turned back up from its recent pullback, and the bounce found some legs. The stock ended the day near its highs and well clear of my trigger, but volume was overall light, so I tightened my stop to breakeven due to the light volume. This one has exhibited strong volume on every recent advance until today, so that’s a slight change which I don’t love. Barring any major gaps in the stock, this means a “free” trade with my stop now at breakeven, so let’s see if it can head toward Target 1 before the weekend.
Closed Positions:
No closed positions.
Jeff, great job getting into MDVN at the entry price. It moved quickly through the entry right at the open and never came back. I use a stop limit to control slippage and was not filled (cost of doing business w/order type). I would be interested in how everyone else did on their entry price. Have a good one.
Hey Gary, the same thing happened to me. I set a stop limit from 33.75 to 34.00. Never got filled. Looks like we missed out on a winner.
Hey Dan, good to see you here! Hang in there.
Hey Gary, sorry to hear that. Hopefully there will be more come along to make up for it!
Dan,
Your stop limit was even wider than mine. Looking at time and sales there wasn’t much of a chance at getting filled anywhere near the entry price. I still use a stop limit so that I don’t get stuck with an outrageous fill, even though this happens occasionally.
I might be more of a gambler in my approach to entry on a stock, but I am sometimes willing to take a trade prior to the confirmation break of a pattern and set my stop below or above as the case may be while I anticipate the move I expect. I sometimes am able to profit more by doing this and the times I am not I accept a predetermined loss if the expected confirmation doesn’t happen.
Just thought I would toss one style I use in trades in case someone else hasn’t thought of it. JIm
Hey Jim,
Thanks for sharing your approach. I might just add that if taking those anticipatory trades, it’s helpful to start small and add upon pattern confirmation. That way if the break never occurs, risk is limited. My style is to wait for confirmation, but each of us has a little different method and I appreciate you posting yours!
Jeff,
Thanks for adding your thoughts. I see I didn’t mention about taking initial small position and adding as it moves as expected. Sometimes I take that for granted…Jim