Wednesday, September 19, 2007

Stopped out of LUM

I started tightening my stop as it was going up and to account for the risk/reward ratio. Once I saw that it was having a hard time breaking 1.81 (target was 1.85) I started to raise my stop loss to account for the lower reward. I got stopped out 1.72 for a -1.71% loss, not bad considering my target was 5.71% gain.

 

I don't care if the stock hits my price target now. I followed my plan, stuck with it, and executed it based on my goals. I have a small loss compared to my potential profit. I'll start looking for the next opportunity now.

 

The Blue box represents my entry time and point, Black line represents my entry point in relation to the action, Red line represents my stop loss point and Green line represents my target. Now that I look back at the chart. I can see why it had a hard time breaking 1.81 because it was yesterdays general low of the day (it's not being shown here, I looked at yesterdays intra day).

 

LUM - Candle 2h50m_1m 2007-09-19 093828

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2 comments:

kofi said...

what program/website r u using for the graps and to track ur trades

tradeswing said...

I'm using QuoteTracker.