I didn’t take any trades yesterday, in part because I only traded about a half day. Today, I thought I was going to pass as well, but around noon Endo Pharmaceuticals Inc. (Nasdaq: ENDP) pushed through 34 and held up pretty well desipite a bit of nastiness in the QQQQs at the time. That was a good sign. Also, related companies (courtesy of google finance) were up. So, I got in, with an aggressive stop.
I should point out, too, that this was another highchartpatterns selection. Actually, three of my four winning trades this week were from them. Thanks, HCPG!
The chart (click to enlarge):
As you can see, I was almost stopped out right away. When that didn’t happen, I picked my price target, and tried to enjoy myself elsewhere. I am trying really hard to hold trades until either 1) I get stopped out, 2) they go where I think they might, or 3) the market close. The best way for me to do that, at least initially, is to just get away from my screen when I’m not trying to enter trades.
Note, too, that my target (34.35) was almost the exact top for the day. It hit 34.40 for like a microsecond. Earlier this week, I had picked the exact top on the other trade where I used this approach. Clearly, I am some kind of top-picking savant! Ok, obviously not, but that would be really cool. Actually, I wanted to be alerted at 34.35 so I could consider adjusting my stop. But, when I saw how vertical that move was, I thought it was more prudent to get out altogether. I am happy with that decision. If there were more time left in the day, I’d have considered getting back in if it based again and recovered.
Nice way to end the week. Hope your week ended well, too!
| Stocks Mentioned In This Article | |
|---|---|
| Stock | Links |
| ENDP |  |  |  |
