SNDK trade:
Took a SNDK short trade on a swing trade basis. (Per a Miyanville chart above).
02/04/11
Entry 150 shares at 47.1001 stop at 50.31 (confirmed violation of the minor trend line and 50 DMA).
02/08/11
Big up move day for SNDK after an analyst upgrade.
4.18% up on 12.45 mm volume.
High of 50.15.
Closed at 49.80.
The 20 DMA and 50 DMA all converged with the minor downtrend line at 49.64. So around that level is the big resistance. NDX finished up .5% or so, on light volume.
I am holding strong without moving my stop or wimping out. We will see how SNDK move the rest of the week, finding out on whether today was a test of the resistance and to fall back down, or if this is a true breakout. Reminding myself I am taking this trade as an experiment in that 1) I am using a proper logical stop, and 2) using correct position sizing.
