Trade Date: 04/25/17
Barrick Gold, the gold mining company, missed on first quarter earnings reporting $0.14 per share shy of the forecasted $0.20. In addition, the company lowered guidance stating that output is expected to slow while costs are expected to rise. What? Oh well, you can’t always strike gold right? Unless you short this stock! Am I right? Bwahahah ok I’ll stop.
Trade Style: Day Trade
Position Bias: Bearish
- Price Change: - $ 0.71 and -3.73%
- Premarket Volume: 104,810 shares
- Daily Average Volume: 14.0 million shares
- Average True Range: $ 0.55
Entry Price & Time
Literally the most no brainer entry I’ve ever made. I think I thought about whether I should enter this trade or not for a total of 1 nanosecond. This was my favorite setup, with a perfect entry.
Entry Price: $ 17.98
Entry Time: 9:33 AM
Stop Price: $ 18.23
Risk: $ 0.25
Trade Management and Psychology
This stock just trended lower without stopping. Eventually it was so far from my entry that whatever bounce it made didn’t bother me. This was a very relaxed trade.
Exit Price & Time
I suspected that $ABX would break below $17 after tapping on it 3 times. On the 4th time it finally broke below. Fortunately it was before my exit, allowing me to capture a bit more.
Exit Price: $ 16.91
Exit Time: 3:30 PM
Results and Evaluation
If I could just replace this paragraph with a virtual image of me dancing, I would. But I won’t. $ABX broke below $17.00 at 3:06PM! That’s why you hold as long as you can.
Risk: $ 0.25
Reward: $ +1.07
R Multiple: + 4.18 R