Thursday, March 11, 2010

Long HAS - Update

UPDATE:  Exited HAS at $2.70 per contract - $75 loss. HAS broke tightened stop of $37.76 on hourly chart on a gap down in heavy volume. Recovered a bit as day progressed but still closed under 37.76.

Date entry: 10-MAR-10

Trade: Long HAS April 2010 $35 Puts - 5 contracts at $2.85 each,...

Set-up:  10-Mar-10 set up on Hourly chart on %R retest.

Confirmation on both Accel band and %R on 2-MAR-10 at 10 AM

Conditions: Efficiency Ratio, Stochastics, MACD, and ADX/DMI are all very bullish

Re-Entry: none

Exit strategy: if 37.48 is violated on hourly chart.

Target for profit taking: when position reaches $500 profit

Stop loss: close below $37.48 (%R Retest bar's low).

Time Frame: Prepared for 2 weeks  holding period.

Where found: Sizzle index

Current P/L: $200


This was very difficult as HAS has been in an uptrend for a few weeks..with no retests on the daily chart and very few retests on the hourly chart. No news. This is in essence a short term trading not necessarily a day trade but very short term. Also these are closer to being at the money rather than very deeper in the money.