STP got killed today but, if you don’t play the open, it was difficult to find a low-risk spot to go short. If you tried a dummy setup on the 30-minute candles, it would have paid off, but not as well as some other trades:
If you shorted STP when it broke below its 12:00 candle at $61.37 with a stop above it at $62.38, you would risk 101 cents. Waiting to cover until the end of the day would have given you about 213 cents for every share you were short, or about double your risk.
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on Wednesday, January 16th, 2008 at 12:18 am and is filed under A Dummy a Day.
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