New Trade in SLGN

Now to be completely honest, things aren't looking too good for this trade in particular. I got in early Friday morning, when everything seemed to be pointing to the resumption of the bear market. That didn't happen! Instead what I got was a bull rally, erasing much of the day's gains, including my early gains in Silgan Holdings (SLGN) - a company that provides packaging products (exciting, eh?). As a result, I am less than 1% from my stop-loss being triggered. So, unless we open down tomorrow and stay down, chances are, I may be taking some losses on this trade. Which is okay - that happens, and quite often, matter of factly.

I've provided the chart to you below, hopefully, you see my rationale right off the bat for jumping into this stock on the short-side: nice head & shoulders pattern, a previous island-gap reversal, and inability for the stock to climb above the right-shoulder of the chart pattern.

My parameters for this trade are as follows...in at 54.74, with a stop-loss at 55.65, and a 1st target where I will take off half my gains at 52.92. My risk exposure on this trade from an overall portfolio perspective is 0.5% of my total capital.

Here is the Chart Analysis and Trade Rationale for Silgan Holdings (SLGN).