I also bought 300 shares of AKS at $54.64. The stock closed at $54.32. Steel has been on fire, so I am hoping we get a quick bounce back. My stop is tight, just under the last pivot low.
The trading diary of Paul J. Singh. I trade full-time and empower traders by making the complex simple. I can be contacted at SinghJD1@aol.com
Thursday, March 06, 2008
Today's Trade: CPLA (Short) and AKS
I went short 400 shares of CPLA at $55.68. This was a textbook short play that took a nose dive shortly after I entered. I bought after the stock's failure at the 200 day moving average. This is one of my go to patterns: broken momo stock, drops below 200 day moving average with heavy distribution. Enter on illusionary strength, meaning a bounce on low volume in the midst of distribution.
Labels:
distribution day,
short setup,
strategy,
topping pattern,
Trade,
volume pattern
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