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Perfect Bull Trap From ZION

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October 14, 2010 – Comments (0) | RELATED TICKERS: ZION

There is always a runt in the litter, and yesterday, despite some very nice gains in the portfolio, ZION (an early morning addition) was signaling "Breakout" across the board. As a result, I put about 5% of my capital in this stock, and early on, I was feeling pretty good about things, as it went up about 1% from where I bought in at. But soon thereafter and for the duration of the afternoon, this stock just drifted lower...and lower...and lower. Only to close the day a smidgen above my stop-loss at $21.59. 

I held it overnight, because I thought I might get a sympathy bounce out of it in the morning, but no such luck, and opened lower and traded lower, until it hit my stop-loss at 21.59. Even my sell-stop order slipped some and got filled at $21.56. So overall, the trade sucked and I'm moving on. 

Anyways - I thought I'd share an example of a trade that just reeked from the beginning....ENJOY!!! 

Here's The Chart On How It Went Down

 

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