DRYS was showing a lot of relative weakness today compared to the market and DSX and EGLE. It was bouncing off of 8.3 on very low volume midday. I shorted on the break of 8.3. The breakout bar was a nice WRB with high volume. I was holding out for 7.5 and kept tightening my stop. It ended up bouncing off of 7.6 with no real indication it was about to turn around so I got stopped out at 7.85 for a 1.9R trade. Lately I have been getting faked out by something I see on the tape so I didn't tape read today and I had a more relaxed state of mind.
Setup:65
2 comments:
Nice trade Rick! Couldn't have been more perfect.
Tyler
Thanks Tyler!
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