{"id":25745,"date":"2013-04-02T22:45:57","date_gmt":"2013-04-03T02:45:57","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=25745"},"modified":"2013-04-02T22:45:57","modified_gmt":"2013-04-03T02:45:57","slug":"did-my-exit-make-sense","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/did-my-exit-make-sense","title":{"rendered":"Did My Exit Make Sense?"},"content":{"rendered":"<p>Yesterday I had an alert set for BIIB at 192 as it was support into the Close the previous trading day. In stocks that are in strong uptrends I like to buy at this price level if I see support on the tape. After pulling back to 192 BIIB moved sideways for over an hour moving above and below this important level. I got long at 192.10 with a stop below 191.80.<\/p>\n<p>The market closed with BIIB at 191.70 and I decided to take the position home. One of my points of emphasis for 2013 is taking advantage of more swing trades in this low volatility low risk environment (see #NewNormal posts from january). \u00a0When I turned on my platform this morning I saw BIIB print at 194.70. I figured it was just some poor rookie with a fat finger punching up stocks at 8:00AM as I didn&#8217;t see any news. Nope. It foreshadowed the move that started a few hours later.<\/p>\n<p>As the market opened BIIB was offered at 195.30 and bids were probably 30 cents lower with the typical lack of liquidity that we have grown accustomed to on the Open. I offered my shares at 195.25 and got taken. I felt like I got a good print but also immediately felt like I would regret the sale shortly. In the next 10 minutes it actually dropped out to 194.25 so I had an opportunity to re-enter my position at a much better price. I passed as my focus was on HUM right on the Open. Then after about a one hour of tight consolidation BIIB broke above its Opening Range and began a strong uptrend for the day. I did not get back in.<\/p>\n<p>One of the seven SMB Fundamentals that we teach traders on our desk is &#8220;a detailed trading plan&#8221;, which covers if a stock trade for or against you. I had a clear picture of what I would do with BIIB if it traded against me but I think the plan for if it trade for me wasn&#8217;t up to snuff. I knew that today I would be on and off the desk dealing with firm business, which probably partly contributed to my taking the sale as I knew I might not be able to effectively manage the position throughout the day.<\/p>\n<p>Nevertheless my intention for buying at the 192 level yesterday was to enter a swing position and not simply take advantage of an overnight gap and sell the next morning. The correct way to trade the stock would have been to place a stop below the morning low and allow it to trend for the rest of the day. I am not the kind of trader who frets about selling to early or too late as long as it was part of a well thought out trading plan. I would rather take a loss and trade my plan than capture a few extra points doing something that makes non sense from a risk\/reward perspective.<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/04\/biib-swing-april-1st.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-25749\" title=\"biib swing april 1st\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/04\/biib-swing-april-1st.png\" alt=\"\" width=\"540\" height=\"378\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/04\/biib-swing-april-1st.png 1000w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/04\/biib-swing-april-1st-300x210.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/04\/biib-swing-april-1st-250x175.png 250w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/a><\/p>\n<p dir=\"ltr\">\n<p>&nbsp;<br \/>\n<a href=\"http:\/\/twitter.com\/sspencer_smb\"><img decoding=\"async\" src=\"http:\/\/twitter-badges.s3.amazonaws.com\/follow_me-c.png\" alt=\"\" \/><\/a><\/p>\n<p>Steven Spencer is the co-founder of SMB Capital and SMB University and has traded professionally for 17 years. His email is sspencer@smbcap.com. <\/p>\n<p>No relevant positions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday I had an alert set for BIIB at 192 as it was support into the Close the previous trading day. In stocks that are in strong uptrends I like to buy at this price level if I see support on the tape. After pulling back to 192 BIIB moved sideways for over an hour moving above and below this &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/did-my-exit-make-sense\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":25749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[1035,2347],"class_list":["post-25745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-steven_spencer_steves_blogs","tag-swing-trading","tag-trading-plays"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Did My Exit Make Sense? | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/did-my-exit-make-sense\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Did My Exit Make Sense? | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Yesterday I had an alert set for BIIB at 192 as it was support into the Close the previous trading day. In stocks that are in strong uptrends I like to buy at this price level if I see support on the tape. After pulling back to 192 BIIB moved sideways for over an hour moving above and below this ... 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