|This Trade Was Closed July 3, 2012|
closed trade on 6/28/12
Original Trade Post:
Scan gave me several long opportunities for tomorrow 6/28/12 (CODE, MEOH, IMO, ROIC). They all had a increase in volume, today’s open > today’s close, and rsi(5) < 50. They are also all consolidating (imo). I chose MEOH over the others because it is closest to $20. I have had the best results in my system with stocks between $15 and $35. I put a stop-limit order slight above today's high and my stop will be at 4% below entry (26.74). I had been using a 2% stop but I went back and manually backtested my system (last 2 years) and had the best results using the low of today or 4%, whichever is higher. I will set my target at 5%. Again, I utilize quadrant lines as targets when they fall between 2% and 5%. Otherwise, I will only go as high as 5%, which is the case here.
- The Ticker: meoh
- The Trade: Buy at $27.85
- Target Price: $29.24
- Trade Opened: June 27, 2012
- Trade Closed: July 3, 2012
Chart courtesy Finviz. Click to open in larger window.
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