This is just a quick post with instructions on placing orders to potentially re-enter BGZ. The futures are way down in the overnight session and flirting with the lows from last week. I had suggested placing a "buy stop" order at 72.00 on BGZ Friday, but it did not get hit. I am suggesting to place that same order again for Tuesday. However, I would only devote about half of the typical amount devoted to a trade. The reason is because we will not be selling on market strength in this case, and if the market again fails to break down, there is likely to be a strong move up for several days. So you don't want to get in at a real bad price in that case. For anyone still in the prior trade on BGZ (if you didn't exit via the blog stop loss order), just maintain your trade.
Recommendation for Tuesday 2/17/09:
Place a "buy stop" order at 72.00 for BGZ, using only half the dollar amount typically devoted to a trade.
Pete
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I tried placing a "BUY" STOP order first thing this am, but price was already above this, even before the markets opened. Does a BUY LIMIT order make sense as a day only or not?
ReplyDeleteJohn K