Friday, January 09, 2009
On AEM here, I had had a long earlier in the morning and felt the strong momo. The pullback and then doji as seen on the 15 minute chart below is my signal that probability is back to the upside. Entry is shown at the lower red line. Let's see what happens as I don't know for sure...
AEM 15 minute chart
ISRG is slowing down so I took the $2700 profit the market offered up. I'll keep an eye on this and if it breaks down again I'll get into it again. I find it better to take the $ instead of watching it go against me and the $ disappear. That sort of thing plays with your mind and gives you all sorts of negative thoughts.
In response to a comment, here is one thing what I look for to increase my odds of success. ISRG is weak after a strong run yesterday. Has dropped down today and consolidated. Probability said down so I shorted it at the price indicated at the lower green line. Lower red line was my stop . I don't know where fib lines or other support / resistance levels are. I only care what the momentum does and will take my loss if it hits my stop level or take profits when it stalls or when it would be foolish not to take it. I never have a preset idea of my "profit" as that could commit my mind to thinking that I know what it will do. I never know what a stock will do.
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