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Trading for a Loss in Quanex (NX)

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July 06, 2010 – Comments (0) | RELATED TICKERS: NX

Not every trade goes according to one's wishes, but every trade can go according to the plan! How is that? Well let me explain. On 6/25 I had recommended going long in Quanex (NX) with a stop-loss at 17.62. The chart itself was phenomenal. I was short in every other stock I had in the portfolio, and this would be the sole equity that I would be long in. NX was breaking out to all-time highs, had broken through multi-year support in text-book fashion, and had since pulled back ever-so slightly, near the breakout-point offering an EXCELLENT risk/reward setup. One that if I was right on, could go on and see a major move and be perhaps one of my best trades of the year. To say the least, It had been quite a while since I had been this impressed by a long-setup.

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