MTL Trade on Sep 2, 2011 12:25 from grove_under: Tradervue User Stock Trades.

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grove_under

 

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A few red flags on this scalp trade: It had already had 2 large swings down, and the trade setup took place during lunch hour.

But it was compelling enough for me to take it, since there was a nice tight consolidation just below the Fib 161.8 extension (Fibs over 20 min opening range), along with a red shooting star as the trigger bar.

Once the trendline broke, I brought my stop down to just above the 200% Fib extension where it was hit.

It eventually hit the $17 target I initially had, but in hindsight, it just wouldn't have been worth the emotional capital to hold on.

Original stop amount was $.06, so initial reward/risk was a little over 3:1.

image


Execution detail:

Date/time Symbol Side Price Position
2011-09-02 12:25:19 MTL sell $17.210 short
2011-09-02 13:23:08 MTL buy $17.100 0


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