Clear trend line break (SPY Short trade)

We shorted 100 shares of SPY on Nov 11, 2010. The index has now clearly broken the upward trendline (see chart) and has started to fall. Our target was $118.30 and that was hit today. I did not close the position because of the continued pressure on the market. You can take profits of $262 hear if you wish.  I have decided to keep my position short and instead moved my STOP Loss to $119.55 to lock in $136 of profit on the trade. I chose $119.55 as the STOP because it is 6 cents above the highest price of the SPY today(see chart)

(Click charts to enlarge)

Never let a winning trade turn into a loser!!!

- Steve -