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.
POT added, YNDX, GRMN & MGA triggered, TRIP removed (pattern negated without triggering), MGA stop tightened
Open Position Notes:
YNDX triggered a buy this morning as it gapped 1c through my intended buy point to clear the trend line. The stock was only able to move a few cents higher from there as the NAZ fell under pressure, and it subsequently pulled back a bit. I didn’t mind it given that Friday’s low was held and volume was lighter, so I’ll suspend judgement for now and see how this one acts tomorrow.
GRMN triggered a short sale today as it broke the small rising trend line to begin another leg lower. Volume picked up with today’s selling, indicating the path of least resistance remains down. The stock did bounce slightly from its intraday low, but overall it remains weak so I’m sticking with it.
MGA triggered a short sale today as it gapped through my intended trigger price at $45.20, opening instead at $43.90. The gap was more than 2%, so as per my swing trading strategy I immediately reduced my position size to 1/4 of my intended amount. Anytime a gap of that magnitude occurs, I reduce my position in order to offset the added risk (distance to my initial stop). From there, the stock did bounce a bit, but couldn’t reclaim the trend line by the close. I’ve tightened my stop tonight for this very small position.
Closed Positions:
No closed positions.
if mga fell thru far enough to spook you so bad you take 75% of the trade out is the trade left worth even playing the 25% capt k
Hey Kirk! I think there’s still potential for it to tumble given the daily chart, but the trade likely won’t amount to much $ either way due to the small size. The scale on gaps listed on the swing trading strategy page is the best way I know of to manage my risk on gap entries.
Hope you are well!