Triangle Breakout SLG
I know, I know.... Why would I trade something like SLG with the spread that it has? Sometimes it's about 20 cents. That did cause me to pause. I could have gotten an entry easily at $114.10 but instead got $114.24 by waiting for a little more confirmation. Basically on a trade like this I constantly have my hand on the trigger button so that when things start to change I can bail quickly. I did figure I would have about 10 cents slippage, but the reward compared to the risk was still greater since this setup will nearly always retrace at least back into the zone of the morning highs. I used a target of the $115 zone since I figured that would be the easiest, although I think there is room it can move a bit more as the day progresses. I put my order on the books to take gains nearly right after I got in it at $114.94 to best guarantee that I would get filled since on a stock that does have a wide spread it might only trade at the resistance a tick or two and then fall. It does have a high shown of $115.15 on this chart but that was only one tick with all others at $115 or lower....

Update: It is ot 10:56 and in fact SLG is not hitting higher highs again with $115.44. Should I have held partials? Maybe... but with something like this I often just like to take my gains and move my attention elsewhere instead of having to monitor something like SLG where I pretty much have to keep an eye on it at all times. Even that $115.44 only hit once. Most trades near highs on this continuation have been the $115.20 area.


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