Guest Post: Swing Trade: UrAsia Energy Ltd
Posted on February 2nd, 2007
Written by Phileo
Posted in: N/A (old archives)
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
UrAsia Energy Ltd. (TSX Venture: UUU) is a junior Uranium exploration company that trades on the TSX Venture Exchange.
UPDATE:
Chart indicates I sold at $9.56. I meant to say $5.96 !!!
1. Why did I take this trade?
The whole Uranium sector was looking bullish on Tuesday morning and I wanted to partake in that feeding frenzy. I bought UrAsia Energy Ltd (TSXV: UUU) when it refused to go down after the opening morning drop.
2. What was the initial stop?
My stop loss was just below the low of OR bar, at 5.21. I moved my stop up to 5.70 on Thursday night.
3. Why did you exit where you did?
This morning, everything sold off at the open, including my contrarian plays in Uranium. I was compelled to follow the rest of the herd. I sold on the break of a mini intraday support level @5.96.
4. Is there anything you would do differently?
The entry and exit was executed well, in my opinion. However, with such a tight stop, I should have pressed my advantage more, and taken on a bigger position size. I risked $0.07 for a gain of over $4 $0.68/share, but I was stupid and did not take the time to calculate an appropriate position size based on amount at risk. For an R=$210, I could have bought 3000 shares.
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