Took it when it broke above the cup-and-handle resistance area at 52.80. I got 20 cents out of it, but my stop didn't give me enough size to scale out there.
I exited completely when it broke all MAs and price support levels.
I'd call this a Type 4 trade simply because it's not one of my GOTO setups. Cup-and-handles are OK only if they're accompanied by one of the other setup I learned in the Bulls bootcamp.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2014-01-28 13:44:56 | MRK | buy | $52.810 | long |
2014-01-28 15:03:26 | MRK | sell | $52.761 | 0 |
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That 53 is a tuff nut to crack in this market environment. Nice stop.