This Week Was Frustrating

Hello all,

This week has been an interesting one. After a few days, we finally are in a long put position on Big Lots Inc. (BIG). I saw this play develop earlier this week as I scanned them market.

As we can see from the chart above, this is a classic down trending stock, gaining momentum. We have the 20 day MA below the 50 day MA. Our stock is riding the 200 day MA. We can see a retracement , followed by a red dark cloud cover candle stick. After reviewing volume, and secondary indicators, I decided to place a trade, using a buy trigger order contingent on this stock going below $20.78 ($0.05 below Mondays low)

This stock has been frustrating. The next two days have seemed to be consolidating. We've seen down days, but no significant movement to our trigger. Then, finally after three days on Thursday, we saw some action.

We finally got in. And after some nice movement, Big Lots closed at $20.32. We anticipate a nice movement down, and if Fibonacci works out, may see a new low at $18.27.