Wednesday, April 04, 2007

Khan Resources Inc.

I swing traded Khan Resources Inc. (TSX: KRI).

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1. Why did I take this trade?
Because Khan Resources (KRI) is a uranium stock, and it showed some heavy breakout volume yesterday morning.

2. What was the initial stop?
I placed the initial stop at 4.09, for a risk of 4 cents.
This morning, I moved my stop up to $4.26, then to $4.40 on the remaining half of my position too soon.

3. Why did you exit where you did?
Volume was less than yesterday, and it was stalling out at 4.70, even though there was heavy volume.

4. Is there anything you would do differently?
I should have doubled my position size. High probability, morale boosting plays like this don't come along very often in this sort of a market environment that we're in.

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