BSG (late as always)...

Last post I mentioned that BSG's chart looked beautiful and I was going to consider a partial position trade in it. And I did...You can see my notes below. I did break a couple rules in making this trade, but have some justification--namely, the price and chart of the stock rule above all else. The stock did not reach the -100 CCI level like I like. Also, both the sector and market were down when I entered the trade. So, while I did break some of my criteria for a trade, I adjusted my stops and targets tighter and went with it. So far so good.


I even took some profits today, Friday, as the stock was within a few pennies of my target and the overall market was looking sketchy. Also, being expirations, I figured 12.50 would be a magnet and the extra 5 cents was worth letting go, allowing for a less stressful weekend.

Sold 8.11030 shares @ $12.499.

I also am very worried about the AFG trade, the chart and price action is looking very sick. I was tempted to sell twice this morning, but decided to stay objective. Monday will be the litmus test of my current method. I think I need to find a better way to trail stops. 1% just does not work for all stocks, another value is needed (implied volatility, average true range, etc.). That is the way it goes, maybe I'll look for something over the weekend.

For now,
Masterjaz out