When mean reversion trades work, they really work. HCLP Really worked. No need to press my luck here. This was the largest move this particular stock has ever made.
Exit 1: 45.68 (1/2) (+.80, 1.7%) 1
Exit 2: 50.53 (1/2) (+5.65, 13%)
+2.15R --- and with that I pass the 50% mark on the year!
What I did well on this one is I kept stalking it. Earlier this week when it faded, I got out with a small profit. I saw it set up again and hit it again.
Taking partial profits I don't necessarily trust bounces in this market. They have been very profitable because I don't trust them. By taking partial profits, I moved my stop to a point where I could let the remainder run and still end up with a profitable trade.
Why Did I sell?
The overall trend of this stock is still down. As much as I would like to think that HCLP bounces right back to the highs there is too much damage. I initially targeted the 200MA (48.40) as the profit target for this trade. Obviously, I got more than that and am pleased. I'll let the rest of the traders play the rest of the bounce. If it sets up again, perhaps I'll play along.