Over the last 8 trading days, Oil has dropped from $44 to $40. Meanwhile, LGCY has simply held in consolidation.
Today Oil might be putting in a DCL and LGCY seems to be breaking above its 10 & 20 SMA.
Buying here @ 1.77 with a stop @ 1.62, or about 10%. Overall risk is < 1%.
I made a LOT of money in LGCY earlier this year, and then gave back a good chunk of it. It was a fun ride. A good reminder to sell when it gets high.
Today Oil might be putting in a DCL and LGCY seems to be breaking above its 10 & 20 SMA.
Buying here @ 1.77 with a stop @ 1.62, or about 10%. Overall risk is < 1%.
I made a LOT of money in LGCY earlier this year, and then gave back a good chunk of it. It was a fun ride. A good reminder to sell when it gets high.
Trade closed: stop reached:
This didn't work out. For whatever reason, Oil has rallied and LGCY hasn't followed. Other Oil positions have more than made up for this miss.