$CVX short still in play, great entry if you are l
Post# of 474
$CVX short still in play, great entry if you are looking for a trade
As mentioned yesterday, I am past my original stop out target for CVX as it closed above the 200 DMA. However, I said if we did not close above yesterday's high today, that I would stay in the play. I even said that it could hit the 50 DMA which would be my cap on a possible short squeeze. Well things pretty much played out like I said it would.
http://investorshangout.com/post/410411/CVX-T...d-a-slight
If you are not in CVX for a short, this is actually a beautiful entry. If you short tomorrow all you have to do is exit on any close above the 50 DMA. In fact that is going to be my new stop out point. I know I've been creeping on the stop out but this would be less than a 2% loss on my position. My max loss on any swing trade is 10%, and that is absolutely non negotiable. I don't stop out at 10.5%, 10.1%, 10.001%, if it hits 10% I'm out no questions asked.
My first target on the downside for this play is 104, and my second target is 101.
[IMG]http://i.imgur.com/bgBUI.png[/IMG]
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