I'm two days behind in my log. I closed BHI. This trade was very similar to my GBX trade. Great entry, great breakout and then a fade which I sold into. I need to define exit parameters better.
Long 70.73 May 29
Sold 72.89 + 2.16 2.96%
I could have stayed in as there was no reason to sell other than to protect my profits, which in itself is a reason to sell. I think I would have done better to sell off a portion of the trade into the rally.
Hero got slammed after revealing that it had forgone a contract in Angola and one of its rigs was out of operation, which is too bad because things had looked like they were turning around and a multi-week - month upside move would begin. Anyway I went long after the carnage at 4.07 as it looked like HERO had bounced and was beginning a reversal move. I thought a 10 % move or more to the upside in a day was likely. It didn't happen the bounce got faded as the boarder markets sold off. I kept my risk minimal selling at 3.95. for less than .5 R. When trying to catch a falling knife, you can get cut just don't get stabbed.
This may be worth another look as multiple insiders were buying around 4 in an attempt to stop the drop.