I almost went without a play this morning as nothing was setting up to my liking. I finally found a 5 minute short in SLB that looked pretty good as the market started to sell off. SLB had a nice low target of $106.00 and I felt that price would move lower after Friday's breakout failure on the Daily chart. I entered the play @ .54 cents and price moved down nicely to my chicken target of .48 where I sold 1/4 of my shares. Price then moved sideways into lunch and finally mounting a 3 bar rally upward, allowing me to add back the shares that I covered. Price again moved into the .48 cent area where I sold 2/3rds of the shares that I added back, holding a few shares for my lower targets. Price finally broke down and moved rapidly lower hitting my targets @ .22 cents, .17 cents and my final target of .03 cents. Just a beautiful 2nd play in SLB in two consecutive days of profitable trading...
SLB 06172014