I mean "daily close" as opposed to an "intraday" hit.
In other werds, say my stop is at $7.00. Price fluctuates throughout the day from a high of $7.44 to a low of $6.88 and closes at $7.12. I am not stopped out because the daily close ($7.12) is above my stop loss ($7.00), even though price dropped below it on an intraday basis ($6.88). If price would have closed at say $6.94 for the day, I would have stopped out at $6.94, which is below my stop of $7.00.
BTW, my stops are mental and not actual stop loss orders, due to the fact that I'm at my computer and can monitor the play when I choose to do so. Others should use actual stop loss orders if they can't monitor the play.
On the other hand, if my profit target was $7.42 I could have either exited intraday on a limit order or watched it and played it a bit longer if I was in front of the computer monitoring it.
capice?
