This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com

Strathmore Minerals Corp. (STM.v) is a junior Uranium company that trades on the Canadian TSX Venture Exchange.

1. Why did I take this trade?
There was lots of buy volume pouring in on Friday morning for Strathmore Minerals (STM.v). I bought STM when it broke above the previous day’s resistance @3.75. As noted in the chart, this was not a lower risk entry. Obviously I did not review the daily chart before I took this trade, as I was too focused on the intraday chart.

2. What was the initial stop?

The initial stop was at 3.65. Because it was not well-behaved yesterday (ie. big pullback, did not recover strongly), I moved my stop loss level up to 3.99 after the close.

3. Why did you exit where you did?

Everyone was stampeding for the exits this morning, and I was compelled to do the same.

4. Is there anything you would do differently?

Yes, I will have to review the daily chart more, prior to entering a swing trade.
The execution of my exit was done well (I did not even wait for the price to hit my stop loss before selling); however, the intraday chart indicates that I did not execute my entry very well. I did not need to wait for confirmation of the break above 3.75 before entering. In fact, I should have entered on Monday, when STM broke above 3.40, which kind of implies that 3.78 was a higher risk entry.

This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com