Shorted -60 NBR @17.00

I held out on Friday afternoon to short Nabors Industrial Ltd. (NBR). I'm back in now at \$17. However, I'm going to use a looser stop this time instead of goingin and out as I have done last week. With the S&P500 approaching 950, trading is going to be very choppy.

Entry: \$17

Stop: \$17.17 mental stop, then hard stop at \$17.50, just below the 200 day MA at \$17.56 but above today's high of \$17.36.

Target: \$14.50

Reward / Risk = 2.5 / 0.5 = 5

Update 07/21: NBR broke \$17.70 at the open. I placed my stop at \$17.55 at 10:06am. It just got executed before 11am.

[caption id="attachment_1603" align="aligncenter" width="500" caption="Nabors Industrial Ltd."][Nabors Industrial
Ltd.][][/caption]

[caption id="attachment_1604" align="aligncenter" width="500" caption="Nabors Industrial Ltd."][Nabors Industrial
Ltd.][][/caption]

[Nabors Industrial Ltd.]: http://traderpau.files.wordpress.com/2009/07/2009-07-20-nbr.png [Nabors Industrial Ltd.]: http://traderpau.files.wordpress.com/2009/07/2009-07-20-nbr_prop.png