Wednesday, November 19, 2008

Wednesday trade - STP

I had to choose between this descending triangle or a DRYS bear flag. In retrospect, I wish I went with DRYS, but I liked how STP broke the $10 level and was under yesterday's lows. It broke down pretty nicely, especially when it got below the 9.50 level. Then oil started going up and the market started getting real choppy midday. I thought STP would get to 9 quicker but it had a lot of trouble with the 9.20 area, so I tightened my stop to break even. STP was showing too much relative strength. It finally broke down at the end of the day and after hours.

Setup:65

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