2 Nov Long KNXA at Intraday support
Nov 2nd, 2007 by Trader-15
Found KNXA on the Patriot-MD scan about 13:00 EST. I didn’t particularly liked the daily chart as it looked weak. Decided to enter as KNXA did show strength today with the up gap and the morning divergence from the declining Dow/S&P/Nasdaq. Furthermore, it looked like it was going to have volume above yesterday’s.
Status: Entered as per plan below. Holding over the weekend. GTC Stop Market @29.19.
Note: I suspect Stop might be triggered by the Monday morning volatility at the open ! (May consider moving Stop to today’s low … this will bring R/R to 2.33 though)
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S&P futures down pre-market. Decided to keep original STOP of 29.19. (Alternative STOP would be 28.79 which is 0.04 below yesterday’s low).
Status : 29.19 STOP triggerred at the open and exited at 28.7930 !!!
Trade Closed with Loss of 1.7%.
As the market would have it, KNXA bottomed at 28.79 (at 9.31am EST) and traded up to meet the my target just after 3pm EST. Ouch !