PAYX was the trade of the day. The chart is self explanatory given that this name was on my watch list. The only question that comes to mind was why I didn't take partial profit when the stock started coming in fast in mid-morning. Good question, simple answer. I wasn't watching at that moment. My stop was just below the 10 period EMA and it held while I was away from my desk. When I finally got back to it, I lowered the stop just under the 20 period EMA as it was consolidating nicely and I wanted to give some room to move higher. It worked out nicely.
Friday, March 03, 2006
Trade of the Day - PAYX
PAYX was the trade of the day. The chart is self explanatory given that this name was on my watch list. The only question that comes to mind was why I didn't take partial profit when the stock started coming in fast in mid-morning. Good question, simple answer. I wasn't watching at that moment. My stop was just below the 10 period EMA and it held while I was away from my desk. When I finally got back to it, I lowered the stop just under the 20 period EMA as it was consolidating nicely and I wanted to give some room to move higher. It worked out nicely.
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