NBR: Short stop entry $16.10 / Exit stop $16.60

My exit yesterday on NBR couldn’t have been worst. Minutes after I got stopped out, NBR took a dive. The decline continued this morning with a giant gap down even though the overall market is holding steady.

I’ve attempted to short NBR five times in a row now. Only to be stopped out every time. Most of those entries were horrible because I was impatient. Thus, for this trade, I’m aiming to enter only when the probability of a favourable move is very high. I am putting a short stop entry at the low end of today’s move. Coupled with a loose trailing stop. If this is indeed the beginning of a major down move, then the weakness should not be bought back and the gap shouldn’t be filled.

Entry: $16.10, low end of today’s range on big gap down open

Stop: $16.60, near top of gap

Target: $13.20, back to long term downtrend Fibonacci level, see Figure 2.

Update 07/23: Well guess what, I’m stopped out again!

Nabors Industrial Ltd.

Nabors Industrial Ltd.

Related posts:

1. Paper trade: NZD/USD short stop entry 0.7262, exit trailing stop 0.7300
2. SLW: Long Entry Stop $8.15 / Exit Stop $8.05
3. SCSC short entry stop $21.40, buy exit stop at $22.70
4. USO: Short entry stop $32.21 / Exit stop $32.49
5. GE: Short entry stop @ $13.35