This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Here’s a quick rundown of what I traded today. I didn’t choose anything from my watchlist last night because none of it really moved :p Oh well, bad idea. On to my trades:
First one was a Muddy 10/60 in CytRx Corporation (NASDAQ: CYTR). Here’s the chart–yellow is my entry, red my stop levels.
My entry was late, but I managed it okay. At least it was a win, though not a big one. I increased my risk from 1% to 1.5% of my equity, so my max R value is now about $15, though I busted that with this trade, as you can see below. Adjustments are tough sometimes.
Trade Summary:
CYTR Long 136 Shares
Entry: $5.17, Stop: $4.99, Target: $6.00
R: $24.47, Exit: $5.31
P/L: 0.75R, or $18.37
The other trade was Texas Roadhouse, Inc. (NASDAQ: TXRH). This was a failed Trader-X attempt. I took it because of the NR4, but I also didn’t follow X’s rules to the letter in that none of the candles closed above the OR high, and I ended up taking a sub-par setup. Stopped out for -1R within about 5 minutes.
Trade Summary:
TXRH Long 100 Shares
Entry: $15.86, Stop: $15.76, Target: $16.52
R: $10.00, Exit: $15.76
P/L: -1.00R, or ($10.00)
So, net positive on the day of $8.37, or roughly 0.8%–beats the market today, anyway!
| Stocks Mentioned In This Article | |
|---|---|
| Stock | Links |
| CYTR |  |  |  |
| TXRH | | | |
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
February 21st, 2007 at 7:31 pm
@Prospectus: good trading on CYTR! I remember having that stock on my watchlist, but took it off as I got bored with monitoring it. Are you more interested in stocks under $10 these days ?
February 23rd, 2007 at 2:08 am
I am more interested in cheaper stocks now, since expensive ones tend to limit my optimal position size due to my small account size–see my recent FDX trade. I’ll write a post about it.
February 27th, 2007 at 1:14 pm
[...] Phileo asked me if I favor $10 stocks lately. I have been favoring “cheaper” stocks for two reasons–first, I’m trying to find a low risk swing trading strategy using penny stocks. You’ve seen some results of that here on MTM. [...]