I really intended to keep this trade on until the trend in the oil/energy sector changed. But, National-Oilwell Varco, Inc (NYSE: NOV) proved a little too sluggish and a little too choppy for my tastes.
I got in on a break to new lows that failed. So, this was one of those painful trades where you start in the red. But, the trend was still with me, and I wasn’t anywhere near stopped out. So, not bad, as trades go. Once I got any kind of drop below my entry, almost 30 minutes later, it wasn’t too strong a move. Plus, the oil sector was showing some strength at the time. So, I wasn’t about to let it go red again. I jumped out with a small profit when the price started moving against me.
Just after, the price then crossed my entry price, which satisfied me that I had done the right thing. A couple minutes later, it turned right back around and dropped about 50 cents. Darn. This would have been a nice trade to hold all day, though I would have been awfully frustrated with the slow pace, for a 50 dollar stock.
Here’s the chart (click to enlarge):
0.2 R. In reality, it doesn’t matter what the stock does after you get out. I didn’t want a short position in a sector that had found support in an uptrending market. Not for me! So, I give myself a good grade, with demerits for not finding another entry later in the day, when things were rosy to be short oil-related stocks again.
| Stocks Mentioned In This Article | |
|---|---|
| Stock | Links |
| NOV |  |  |  |
