Halcon Resources Corporation (HK) Long Day Trade

3 May

Yesterday, I added Halcon Resources Corporation (HK) to my watch list. I said I would initiate a trade of if the stock opened up today. I initiated the trade 15 minutes into the session.

I watched the first candle on the five minute chart which set a high of $5.89. I put in a buy stop at $5.90 and was filled about 15 minutes later and put in a stop loss at $5.67 below the second candle’s lowest price. I had mentioned resistance at $6 yesterday but that was handily broken early in the session. I raised my stop to $5.90 at break even and let the shares run once it broke above $6.

Towards the end of the day, I was up about 5% on this trade and had to make the decision if I wanted to close it and take profits or hold it over the weekend and see if this continues to run on Monday. I typically don’t like holding smaller, less traded stocks over the weekend especially after a nice pop of 5%, so I closed it at $6.20. Although, I bet I’d kick myself on Monday. Halcon Resources Corporation put out a very solid candle today for a reversal.

Here is Halcon Resources Corporation’s stock chart for today daily and 5 minute chart for your reference:

Halcon Resources Stock Chart - May 3, 2013

Halcon Resources Stock Chart - May 3, 2013 (5 min)


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