Given the worsening news for Boeing (large parts of Europe banned the 737 Max from their airspace on Monday), the stock was another obvious candidate for trading. Yesterday I wrote about the ethics of profitiing from a disaster, so I won’t go into that again today. Here’s the chart:
Knowing that this was highly likely to produce a trade, I stayed out of other stocks, keeping my capital free for BA, which is priced much higher than anything I would normally select to watch. That meant I could go in with a 500-share position. So although the trade made a bit less than yesterday’s, the larger position made up some of the difference. As we were into day two of this story (and, if I’m honest, because I had more capital at stake), I was a bit more cautious and scaled out, taking half off as soon as things faltered and we were at a natural exit point, and the other half off when it was pretty clear the run was over — at least temporarily. There was more to be had later on, but when trading something outside of my comfort zone, I prefer to stick to the basics that I know work everywhere. Besides, more than two thousand dollars profit on a single ten minute trade is more than enough — no need to get greedy.
The trade itself was fairly textbook then. And although less profitable than yesterday’s in final dollar value, for anyone who counts (the largely useless) profit-per-minute stat, it was actually about twice as profitable.
Getting out of BA relatively early meant I had funds freed up for DKS, which came along right after
Another textbook setup, though the exit was on the failure of a target rather than hitting one. Again, if counting dollars per minute in the trade, this was in the $100/minute territory, which is nothing to be sniffed at.