Thursday, June 12, 2008

Trade Of The Day: Double Bottom Trade in SKF

6 comments:

fufufnik said...

Stewie,
Way to hold your position through after that retracement following your buy. Was there anything in particular that gave you the confidence to hold on (after all, it looks like it went negative on you after you were up nearly two points)?
Anyway, nice trade. Thanks for sharing.

-todd

TraderPDX said...

Nice trade...riding it out a little longer I see. Trailing stop, or discretionary when you sold?

Stewie said...

yes. decided to ride it out it out longer. I sold it discretionary. looked like the selling at the close was pretty strong so i bailed.

Stewie said...

hi todd. i kept the SKF position b/c i felt like the rally was gonna fade towards the close and we see the rally evaporate. but the indexes mounded a nice come back at the close and that's when i sold it.

TraderPDX said...

What kind of stop do you use on these setups? Seems like if it fails, it's going to sink hard and fast.

Stewie said...

i usually put a stop under the low of the pattern.

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