SLB short revisited…

Share Button

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
SLB 06172014

  

This entry was posted in Daily plays and tagged , , . Bookmark the permalink.