PAPER TRADE (LOSS)

• Setup: -------------------------------------------------------------------- Daily Range Break
• Entry: --------------------------------------------------------------------- $1.28
• Shares: ------------------------------------------------------------------- 2000
• Stop: ---------------------------------------------------------------------- $1.32
• T1: ------------------------------------------------------------------------- $1.20
• T2: ------------------------------------------------------------------------- $1.00
• Reward:Risk Ratio (T1): -------------------------------------------- 2:1
• Exit: ----------------------------------------------------------------------- $1.30

• Profit/(Loss) With Commission: -------------------------------- ($53.00)

• Details:
  Daily range break, 2000 shares. I noticed that on the weekly chart the price had bounced off the $1.24-1.26 range multiple times. I shorted at $1.28 when the stock cracked the low of 5/7/12, which was a big down day for it. I moved my stop down gradually as I watched the stock, since it kept tightening the range more and more. I ultimately ended up stopping out at $1.30, losing $40 + commission. It was a good trade but I don't think the stock was quite ready to break down yet. I am keeping it on watch for a while since I believe it will crack soon. See charts:

  http://i1155.photobucket.com/albums/p560/ckz8780/3261b4e5.png