Two of my StockTickr watchlist stocks hit their prices today, and I took a trade in one of them. Further, I held it to the close. I think this may be the first trade I’ve ever held for more than 3 hours. It’s kind of an anticlimax, though, since I could have gotten the same profit by exiting the trade in the first 20 minutes. Even though it didn’t run, the important thing was that it had a chance to run.
The stock is Grant Prideco, Inc. (NYSE: GRP). Here is the 10 minute chart:
The sloppily drawn arrow was my entry. That horizontal line at 45.05 is the R2 pivot point. Starting last week, I’m sticking with pivots on my charts on flat days, and leaving them off when the markets are moving. Since the 45 level was also resistance on the daily/weekly charts, it was an especially good prospect above that level.
The other trade that I could have taken was Apache Corporation (NYSE: APA). It pushed through my 70 price in the opening minutes, and I passed. I don’t like to trade the first 30 minutes. That was a good choice, as you can see, it fell sharply before long.
… However, it did set up again, and I chose to pass again. The pivot point at 70.31 bothered me, and it had acted as resistance early in the day. As it happened, APA did eventually push through that 70.31 level. Oh, well!
I took Akamai Technologies Inc (Nasdaq: AKAM) off my watchlist today, as it’s had a nice run from the time it hit my target last week.
Traffic Boost
My blog got a nice boost of traffic last night, primarily because Trader Mike linked to one of my stories. Thanks, Trader Mike! And, if you saw the blog for the first time yesterday or today, I hope you stick around. I’ve got lots of articles in various stages of completion.
Actually, to be accurate, I should say it was the first winning trade I’ve held more than 3 hours. Early on I held some losers all day, and even overnight once or twice. I’m so glad I don’t do that anymore!
You’re welcome for the link.