Tuesday, January 27, 2015

Closed PSXP

PSXP ran into resistance at 80 and then reversed.  Pisses me off.  As it reversed, I was not interested in letting profits turn to loss so I banged it out at 77.

I let $3.00 of profits get away to settle with a small .60 profit.  The problem on this trade was the entry the proper place to buy the b/o was 70.  I bought too high so I could only catch the end of the move and then settle for a small profit.  I like this play but It needs to rest .   I'll target 72.5 for a re-entry or at a minimum the 6 EMA.

on the plus side. I'm bitching about a profitable trade.  First rule of trading protect your capital. I did so here. 

Entry: 76.40
Exit 77.

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