Sunday, September 14, 2014

Closed CSUN

I have become pretty concerned on the over all health of the market as we are seeing some of the leaders begin to falter.  Due to those concerns, I have been quick to pull the trigger.  Probably too quick,  I have over a 70% win rate this year but that's not necessarily a good thing as it likely means I am not letting trades develop as much as I should.

CSUN has about the best weekly setup that you could ask for:
I bought a fishhook setup on it as it had a big powerful high volume move.  Attempted selling 2 days in a row with reversals.  It then broke the range on Friday,  Unfortunately, it faded with the broad market sell offs.  I was concerned that holding a ton of stock would not be a great idea if the selling continued.

 I acquired the position on the various reversals with buys at 3.35, 3.43 and 3.56. I unloaded my position at 3.70 for a bit more that a 1R gain.  I'm not opposed to reacquiring this position but I think now is the time to play some defense.

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