Ok, I did break away from the computer but my plans changed for the afternoon so I was able to sit in on the markets later in the afternoon. I was watching the recent pop in GENZ and thought there was enough volatility to do some momentum practice trading. I was fooled into shorting the 2:10 & 2:15 near-doji's and saw my trade go awry. Geez, I sure have to learn to get out of these things instead of watching where they go. Stops are my weakest skill. I am not ready to trade real money until I can confront this short-coming.
The spike of the 2:20 candle gave me a chance to pound this paper-trade aggressively... by adding three more shorts close to the top of the move; anticipating a strong drop. As expected, the drop came right away and I scaled out my position for a gain. And yes, out too soon again.
Funny. I have had a buy signal on GENZ since Saturday.http://stockfiend.blogspot.com/2010/07/emerging-bullish-trend_24.html Good Luck!
ReplyDeleteGENZ is strong lately, no doubt. In all that strength there is profit taking also. Those profit-taking "pullbacks" can provide short opportunities in an otherwise uptrending stock for the contrarian-minded scalper/trader. Good luck to you also...
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