Oct26 – Long CRNT on 38% PB
Oct 26th, 2007 by Trader-15
CRNT gapped up on earnings 4 sessions ago and have pulled back to ~38% retracement on low volume over the last 3 sessions. It’s possibly forming a symmetrical triangle or the handle of a “square”cup&handle. I decided to scale in and managed to get 2/3 filled.
Entry : 18.24
Target : 19.98 (Earnings day high)
Stop : 17.98 (Today’s low)
R/R : 6.69
Duration: 7 days
Source : Watchlist
Note to QuoteTracker users: I just discovered the earnings “indicator” (see the daily chart below). It’s neat and makes earnings study easier. (Wish I discovered it 2 weeks ago !) Access it from the “Select Indicator” option.
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29 Oct 4:00pm EST
CRNT opened at 18.1, peaked at 19.40 and closed 19.13 on stronger volume.
Long @18.24.
STOPS:
1/2 position TTO (Thereshold Triggered Order): Stop Market @ 18.99
or Sell@Market 19.98 (Target)
1/2 posititon Stop Market: @18.69 (Will trail stop to keep this running as long as possible)
30 Oct 2007
Both Stops triggerred in the 1st 30 min of trading:
Stop Market @18.99 –> Exited 18.855 Reward: ~3.3%
Stop Market @ 18.69 –> Exited 18.67 Reward: ~2.3%
Trade Closed.