Wednesday, January 16, 2013

Trade of the day, SHLD!!!

Usually my trade of the day is some type of bounce play I profited on, but I want to change it up a little on this post, and show you a nice breakout I caught with SHLD today.  Looking on the daily chart, you could see SHLD was just itching to breakout today, so went long 400 shares at an average entry of 44.80. I was looking for a profit target of at least 47.00. When SHLD starting to get a little toppy at the end of the day, I just decided to move up my initial stop from 44.44 to 45.99 which ended up getting hit after I moved it.  Despite holding on to this stock almost the whole day trying to catch this breakout, I still manage to gain 1.19 points on the trade.
If you want to see what I might be trading during market hours and interact with me during my trading days, just follow me on stocktwits or twitter @tradermike9. Thanks!


Faibvre said...

SHLD should close the gap created on Nov 16th, so I expect the stock to trade up to $55.00 before I exist my position.


TraderMike said...

Yep, I don't really hold stocks overnight, so I'll probably be day trading this for awhile until it reaches to that gap (around $55.00).