ABB,AMLN,ASML,JRCC,KLAC,MT,NOK,PETM,RIMM,SIGM,STX
Due to other committments (out with friends for a quick drink after work) etc I was only going to watch the market for 1/2 day today. Consequently any trades were going to be closed at around lunch time (US time).
Only one trade was entered today from a very short watchlist.
KLAC (gap down)
First candle is weak red and is followed by sideways action inside OR. We then hit ema resistance and weak candles trend down. The 5th is weak red off the ema breaking the OR and closing weak itself. This is our short trigger.
Entry: 37.83 Stop: 38.25
Fib Ext: 37.45
1R=37.41 2R=36.99 3R=36.57
We trend down nicely after entry and I take partial at just before Fib Ext (just under 1R). Then the rest is closed at 37.32 before I left for the day. A nice pattern which I thought was worth a go despite the fact that 1R was near the Fib Ext, so a potential limit to the profits.
For my normal exit I would have closed the remainder at end of day which would have been better profits as KLAC continued it's downtrend and the pullback would not have reached breakeven. Still a 1R gain to end the month is ok.
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