Our trade in HL was closed this morning with a nice profit. Decided not to increase position as the stock took off right at the open and blew past the second entry point.
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Bought 8/13/08 at 6.62 right near the end of the day.
Sold 1/2 position up 4% at 6.88
Sold 1/2 position up 8% at 7.15
Net gain was 6%.
Not bad for holding a couple hours. Held overnight so it was not considered a day trade I suppose, not that it matters.
Lately in this choppy market I have been looking for entries mid-day or later in the afternoon rather than try to jump in at the open or in the morning. In many cases I get a better feel for a stock after it’s traded a while and I can look for good entries. Waiting for good technical patterns later in the day keeps me from getting whipsawed.
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