Friday, July 30, 2010

Swing Trade in Google Stock

I got short 75 shares of Google on Wednesday at 487.83. This was a little after the 30 minute breakout down. I should have sold higher just below 490. So I'm starting about $2 lower than I should. My original stop was above the high of the day. Price on Wednesday closed very much in my favor. I had a partial profit objective to come out of 25 shares at 481.66
Thursday showed a strong open with follow thru up. This petered out with a double top and price started moving lower. I raised my first target to just above Wed's low at 483.66. This was filled and I moved the stop loss on the remaining 50 shares to 486.26 - above the open of the day. As this would be a clear-out since the low of yesterday was taken out. This stop was hit. Looking at the chart last night, I noticed a beautiful Head and Shoulders bottom around 12 noon. I should have moved my stop loss down to just above the neckline, shown in red, to 482.26. This would have been an extra $2 on the exit. Still a profitable trade. But, could have been $4 better.

1 comment:

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