I woke up at 11AM EST, so I missed whatever opportunity there might have been in the morning. I wasn’t seeing a lot of interesting setups, but I did see that Walter Industries Inc. (NYSE: WLT) really wanted to pass 26.50, so I stalked it for a bit. Here’s the scalp I ended up making (1 minute chart):
You can see the kinda loose triangle forming, but I’ll be labelling this as a scalp because I used a 4 cent stop, and only stayed in for 40 seconds. (also, like I mentioned, the triangle shape is far from perfect). 2.13 R in 40 seconds always makes me smile!
I’m noting that, the move stalled at my exit for a while, and then moved up to 26.64 before falling to the 26.30s. So, I didn’t pick the exact top, but I’d have had to wait another 14 minutes to hit the top, and who’s to say I’d have been able to get a better exit price in the end, anyway? I don’t think there’s a middle ground, really… either you get out when your momentum dries up, or you decide you’re in it for the long haul. Trying to eek out “just a little more” profit is a sucker’s wishful thinking.
| Stocks Mentioned In This Article | |
|---|---|
| Stock | Links |
| WLT |  |  |  |
April 2nd, 2007 at 10:41 am
GROW and ICE both are stalled and trading in very short ranges for past few days. A breakout in either direction would be nice run, what say!
April 2nd, 2007 at 10:49 am
nice trade, and good advice
April 2nd, 2007 at 10:53 am
I like the looks of GROW, though it’s been kinda shaky since the split. It would be nice for it to settle down a bit before running anywhere (it’s a 28 dollar stock in a 2 dollar daily range back and forth). I don’t generally follow ICE, so can’t comment on it.
April 2nd, 2007 at 1:39 pm
[...] price action, so that wasn’t any help. As CEPH stalled at $75.90, I decided to take profits. As Richard said,”Trying to eek out ‘just a little more’ profit is a sucker’s wishful [...]
April 2nd, 2007 at 8:57 pm
Nice, Richard! Now you can afford a cardboard baked potato to go with your steak.
April 2nd, 2007 at 9:43 pm
I traded a few thousand shares… I can afford a lot more than that!