One trade so far today for me, and it's another day-trade, this time in James River Coal Company (JRCC). It's a low-dollar stock, but with the Mitt Romney's comments in Wednesday's debate about the coal industry, pushed the stock 11% higher yesterday.
Technically the move broke the bull-flag we were seeing the stock trade in, and looks like it is ready for a move beyond $3.00. I'm using a stop-loss of $2.91 with an entry at $2.98, but even at $3, where it is currently at, still offers a solid risk/reward setup.
There is a slight chance I could hold this stock over the weekend, but it won't be with a full position size.
Here's the JRCC trade setup.
Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida. More >>
Get Ryan's Top Six Trade Setups for Profitable Trading eBook for Free!