As per last night's watch list, I shorted JOYG on a break of yesterday's low. I covered 50% of my position at $34.00 and held the balance until the close. I risked 60 cents and my average reward was $1.20 for an R of 2. The afternoon swoon was especially nice as there was no overlap of the real bodies of the candlesticks making it much easier to manage than the morning session. I thought I was going to get stopped out around noon because I had moved my stop to 10 cents above breakeven. Luckily, I wasn't taken out!
Thursday, September 21, 2006
Trade of the Day - Joy Global Inc. (Public, NASDAQ:JOYG)
As per last night's watch list, I shorted JOYG on a break of yesterday's low. I covered 50% of my position at $34.00 and held the balance until the close. I risked 60 cents and my average reward was $1.20 for an R of 2. The afternoon swoon was especially nice as there was no overlap of the real bodies of the candlesticks making it much easier to manage than the morning session. I thought I was going to get stopped out around noon because I had moved my stop to 10 cents above breakeven. Luckily, I wasn't taken out!
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4 comments:
Jamie, nice trade. I was stalking JOYG all day but couldn't find a decent bar to trade against. I'm not gutsy enough to take any positions in the first half hour.
Hi Jamie,
Do you think there is still some downside, or has it found some support at 33 ? Or maybe heading towards 30?
Thanks,
AJ.
Hi Jaime,
Spotted this trade as well & still holding. I see there could be minor support at $33 (ard late Nov 05), but am looking for it to hit $32 (before the gap down in early Oct 05).I think there is potential for it to hit closer to $30, but maybe not on Fri & I'll like to close my positions before weekend.
Like to hear from you. Thanks
Hey guys,
Glad to hear from the other JOYG traders. I think JOYG has more downside. Some key support areas are 31.75, 29.50 and 26.25. I'm disregarding the gap because it has been filled. I usually look at the weekly timeframe when I'm trying to identify support and resistance levels dating back more than nine months. Hope this is helpful.
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