This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Friday I said the market handed me a lesson. I tried to “finesse” my way in and out of a stock that I “knew” was gonna go my way. Result was R 3.5 loss after the carnage. No sense posting the chart, could have been any setup that I KNEW was gonna go my way. I have made this mistake before, but it has been a long while. Good day yesterday, was sick though. Today I took some really poor setups, and some really good ones. I made a few R’s, but the ugly ones were ugly. I was pressing to find trades that weren’t there. I will let you be the judge what were quality setups and which weren’t.
IMCL:
CFC:
LDK:
OMCL:
AINV:
SMOD:
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
September 12th, 2007 at 7:31 am
Zoomie…back on TS? What gives man? You have just joined me by signing you soul to the devil. Muhehahahaha.
Back to your trades. IMCL was too early of an entry due to that crazy large gap. Just a bit unlucky there.
However, LDK & OMCL had large moves the prior day. They also had large moves in last hour of the trading day. If these gap up, they tend to fall apart at some time. What you could do with these types if you are not sure. Wait for 2 waves of orderly correction on the 5 mins and see if the charts look healthy and represent a lower level of risk. The second wave should be slower and shallower than the first. Sorry to sound like Mr. Smarty Pants here…but I just learned this within the past 2 months but still struggle to adhere to it.
September 12th, 2007 at 7:50 am
LP, I knew my fault on the first trade IMCL. Thanks for the input on OMCL and LDK. Great suggestion. You may comment on my trades ANYTIME!! Please do.
September 12th, 2007 at 1:27 pm
hahaha….take it with large grains of salt