Managing a short in AKS steel

Today 04/09 Started a position in the first half hour in AKS still at 23.46. Reason??? On Thursday AKS started wave 4 up on 60min chart, I was watching closely how the stock was gonna handle its 50 ema and TL resistance as a potential targets to end Wave 4. As the market was moving higher, X was dragging the sector lower and AKS failed to take 50 ema and TL beginning Wave 5 down. Here is my first chart of the day in AKS, https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTRk5JshHI0HsV_EVtdAM4R2r3dOVXlfsZp5szNWMO9w0kHwxNkshtmct-7Po-hdltMX3pAPJVRX5Q65echXI-JI26eEYwnSSPK9zE0nfPXwgCK7i4FUEamTFvXDVZ7BSr_PlYjOHMkw33/s1600/Screen+shot+2010-04-09+at+4.02.21+AM.png
As the day went on, market was moving slightly higher and X and AKS were making new lows, I made an update on AKS 60min chart posting my first and second target to close my position. here is the chart: https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfyBHuh_08y8VaChM5SFLFnJ2WRzQO9cZn5C9wm_WMRfpPx6IyZi8nCAq9MKix7yGSjcJA6_F1d2_M3pk6ormyfZaPHrhhFpCR9zeNksU9mpktDGJyEK49SQNShNttBotOLKUoddghMcpc/s1600/Screen+shot+2010-04-09+at+6.19.17+AM.png

At 14:00pm AKS hit my first target at 22.79 and closed my trade given that the market was not having weakness I needed to hold my position to my second target or to hold it overnight. Here is AKS chart at the close, note how it bounced off TL support:
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0VNGg9EkUyBpouIVVaQ0EE3A89uSpliuheQDuBHeVSxakPaph3ZQ2kEW6nvjLjJObh9v8pAilruEcOD8_cIftJtp5yKLo7HpBm7mY5V67lg4qRivNjZCq01N6RZtGoGHOHAh2xmjO_OA2/s1600/Screen+shot+2010-04-09+at+8.56.54+PM.png

.... Going into monday, I ll be watching AKS again for a potential right shoulder of a Head & Shoulder pattern, lots of resistance ahead 200 ema, 50ema and TL resistance. Here is what Im going to be looking at:
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCtPjW0oSFUWM7JNAQTcx6XtMLeTzR3ENaXZQjU4RtB_-k_AN1NtNvk_GexIvJoU1s820TtXkWRRP0yE5FT5a4RF11hR3FKmr4FHnmJqj4DipZSqXn1LkDTQCUw9qfsXGzquSVZK_fxU6c/s1600/Screen+shot+2010-04-09+at+9.08.35+PM.png

Remember, Before I trade a stock I trade the Market first (watch the market and figure out what could do next), I trade the sector second (in this example I looked at the leader of the sector X and the Index $DJUSST)...... and trade the stock last.

Best trading to all...... ALOHA