The SPX bounce that i was relying on for this trade finally arrived today. SPX closed up nearly 6%, and i got into my BNI trade 20 minutes before close. Bought at a price of 54.60, this position is going to be a tricky one.
My initial stop as of now is 51.60, 3x the regular risk amount. This shouldn't be the case, but i want to give this trade room to breathe. The potential gain i've tagged around 10dollars, with a trade target of 64.
However, that's assuming this rally lasts. Frankly speaking, i don't expect it to, so this trade will have to be managed more carefully. If buying picks up again tomorrow, my stop will be moved much closer to my entry. If the mood is ugly, i will probably exit as soon as i can.
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