<img src="http://puddles.humanfund.ca/20100624/spy.png"> <img src="http://puddles.humanfund.ca/20100624/jcg.png"> <img src="http://puddles.humanfund.ca/20100624/fe.png"> <img src="http://puddles.humanfund.ca/20100624/apc.png"> <img src="http://puddles.humanfund.ca/20100624/tgt.png"> 9:40 SHORT JCG 39.5 STOP 39.7 TGT 39.1 - JCG was on my short watch list due to a good daily - JCG weak from open just like SPY - Look for a setup on the 2minute chart - Short under the lower high at LOD - out +0.4 10:02 LONG FE 36.49 STOP 36.38 TGT 36.71 - SPY sold off for the first 30 minutes of the session - FE was up and holding, fantastic relative strength - Long over the tight higher lower - out +0.22 14:01 SHORT APC 36.72 STOP 36.91 TGT 36.34 - SPY moving up between 1-2pm - APC moving downward between the same period - Nice tight lower high sets up, short under it - As more lower highs set up on the next bar and 3 bars later i move my stop down - I was looking to add under .50 but that never occured. I should have waited for an add before moving my stop - out +0.07. This would have gone to target had i just moved my stop to b/e at the appropriate time. Lesson learned, don't move stops unless I'm adding or it's to B/E. 14:43 SHORT TGT 51.11 STOP 51.19 TGT 50.95 - TGT didn't really participate too much in the 1-2pm rally, heads down from 2pm onward along with SPY - Look for an entry along with continued market weakness - Short under the lower high.. - Ticked out the next bar then target in 25 minutes. - out -0.08 http://puddles.humanfund.ca/wp/2010/06/24/2010-06-24-trades/
From the chart it looks like this one made a .70 move from the opening high to the pivot point off which you shorted. Why not target a similar move down for the 2nd leg (around 38.85), since 2nd legs of a trend are usually similar to the first leg (measured moves)?