SBGL Open Trade 2/14/17

SBGL gapped over the entry this morning and then faded down to fill. That’s not optimal but it’s a very “gappy” stock.

The vertical line on the chart is the earnings date on 2/23/17.

As I’m reviewing the 60-minute chart now I’m thinking it makes sense to get that stop up quickly and I’ll likely be raising the stop to 8.50 tomorrow.

It still looks good on the 60-min timeframe but it’s hanging right on the 17/43 and if it breaks below those – and last week’s low (8.67) I’m not sure I want to risk it all the way down to the initial stop at 8.25.

Basically a stop at 8.50 only risks -5.5% on the trade and I’m comfortable with that. I want to see what it does tomorrow and then I’ll make a decision.