Always Be Nimble
It pays to be nimble and take profits when you get them. Often the move you
get won’t be as much as you might like before a reversal happens. Take the case
of Eastman Chemical. The following Insight was posted today in TradersWire:
11:07:25
Intraday
Setup Alert
Eastman Chemical (EMN)
is forming a Slim
Jim on its intraday chart. The stock is a member of TM’s Implosion
List, and is down 0.33 at 36.34.
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The stock was trading near its lows,
so we were looking for a downside break. EMN fell out of its Slim Jim to make a
low of 36.15, but then quickly rallied. Only a .19 gain on the short side, but
on 1000 shares, that’s still $190. You had to be alert, though, as the trade
went the other way rapidly after it worked out. Always best to take a piece off
and trail your stops.
Another moral here:
“failed” trades can turn out to be big winners…in the opposite direction!
See you tomorrow,
Brice