Frontier Oil Corp. (FTO)
+1.9R
+$567.50
+$567.50
I really like trading off of the daily charts on a day like today. When the market is choppy, it is important to be careful and patient and wait for the best setups, otherwise you can get chopped to pieces. The market wasn’t really moving and I only made a couple of trades.
I noticed that FTO made a new 6-day high with some extra volume after holding its 50-day moving average, so I got into it just after 10am. When it quickly shot up to $30.60, I took half of my profits. Oil was strong, but oil sometimes trades sloppy.
I didn’t like the feel of it so I sold the other half at $30.65. So far it seems like this was a lucky thing to do, but at the time I thought it was a mistake. I usually like to hold at least half into the close. Maybe I should allow myself to break this rule on choppy days like today. It is something to think about.
