I bought SWN a few days ago inside the 12631 Trading Service on the thesis that the stock was poised to eventually take out the key $44 level after banging on the door many times over the past few months. Obviously, with the HK buyout today, it looks to have been a fortuitous break in my favor and for other similar energy stocks. Given the huge move higher today, the issue is whether I should sell or hold. Given that I was playing for a break and continued move above $44, I will hold.
I am bringing up this issue because this is often a tough decision for traders. You get the quick pop and wonder whether to quickly take the trade off. Here, the overall technical picture indicates a major breakout, as opposed to a one-day flash in the pan pop.
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That’s a good thing to consider, I sometimes find myself in that same situation. I often sell only to see it continue up.
Nice trade Chess – stellar as always.
You’re the man, Chess.
Faced the same problem today as well with RRC … with a 70% gain @ $62 and all time high around $73, I opted to keep the gain with the intent of reloading next consolidation.
Bigger problem with CLSN options … up 300% on Oct calls but stock looks like it has another up wave left …. What to do …. ?????
Congrats on the timely buy …. I was just looking at HK yesterday before the close thinking it warranted a buy but you know the rest of the story.
Solid trading and great moves in a tough market Chess, mad props my man.
Shorty’s running through here putting -1 karma points. How sad… Chess, Thanks or the great week.