You didn't exactly answer my question. The difference between your entry and the confirmed entry is 6 cents. The difference between your stop and slightly under the level (where there is support) is equally small. Why sacrifice confirmation to be 6 cents early? It doesn't make sense... especially not in 100 shares.
You bought at resistance and sold at support... Think about that statement... there is a lot of substance in it. I am not being fecitious either. You literarily bought at the top and sold at the bottom. Confirmation would have been a break to the upside before you enter; this can be defined by a certain amount of cents(whatever you deem to be ok for your r/w) There are essentially 3 basic ways of playing the trade that you were going for. Buy at the bottom of the range if you have decent tape reading skills and think it will break to the upside; or, buy on the break of the range; or, buy on the retest of the break of the range. You bought before confirmation only to see the stock go down to support and then you sold off even before it broke support. Yes, your risk/reward was good, but your buy/sell points made no sense. I'm always careful on this forum not to have anyone take offense, so just know that I am not trying to be a dick, just trying to help.
There you go. Also, place your stop below support. You will often find even if you are right, if you are placing your stop at support and not under, you will be taken out of your position.
5/21 - 6/7/07 long 50 NYX @ 84.83 sold 50 @ 82.30 pt: 92.42 stop: 82.3 p/l -140.50 review: Within the last 3 days, the market has had a severe affect on my position..had that not happened the trade might have worked.
5/24 - 6/20/07 Long 50 LEH @ 74.65 Sold 50 LEH @ 81.78 stop: 71.60 pt: 83.80 profit + 342.50 review: I missed the breakout, aswell as my profit target, but I made a great gain on this run that I wanted to take my profits, and didn't really feel like holding through a lengthy correction that may happen, while giving anyting back . The only reason I held onto this stock was because of earnings, which were great.
6/12 - 6/20/07 Long 100 GRMN @ 65.74 Sold 100 @ 71.15 stop: 65.24 pt: 67.24 profit + 527.00 review: Unlike my last trade on LEH, I blew past my PT by 3.91pts! . Because I have more losing trades, letting winners run is very important. I closed out at the open, and GRMN lost 2.60 pts today...great timeing.