Sheeesh....a sad state of affairs when more folks are more interested in looking at my old ladies picture instead of an obective, tradeable setup. Oh well, maybe I'll have some time later to post a few I've got on the radar. Hopefully, I won't have to include any nude shots to capture everyone's attention.
I enjoy your journal a great deal and read your previous journal from cover to cover. I looked forward to sunday nights when you would post. I trade in a similar way and mentioned you in my journal. Keep up the good work.
You're too kind. I wish I had more time to hang around, but I have a difficult time balancing my time. I haven't had the opportunity to look at your journal yet, but I'll make sure I do sometime this weekend. I pray you aren't being bashed like that fella Brandon.
In all honesty, I was expecting people to question what I was doing, but it's quiet as can be and all positive. I think people tend to leave the journalists alone.
Again, my personal trading strategy is SIMPLE. I trade from the daily, weekly, monthly, and the occasional 60 minute chart. To go a step further, I'd say 90% of my shorts have come from a daily view.......90% of my longs have been based on a weekly/monthly chart. For the most part, I short resistance / buy support. I do trade breakouts as well but only when the setup is in a measureable pattern with very little overhead resistance. I can't recall the last time I traded a breakdown, but I get the feeling (i.e. from the charts) the day is approaching when I will again. I've traded around this stock with decent success over the past few months. At the moment, it appears to be a in a broadening top. I'm shorting it at the upper broad line....assuming it gets there.
These are the kind of longs I like to play. Unfortunately, they can be difficult to find. I don't have any hardcore evidence, but I'm willing to bet that a trader could make a good living simply camping around important gap levels.
Another type of setup I LOVE to trade that I don't see mentioned much around here.....double tops/bottoms. If you have a brain, you thirst for setups that look like this. So, please let me know when you find one....preferably "before" the 1st test of the respective level. I have a hell of a time finding any.
I basically make my living trading stuff like this despite the fact that 95% of the traders that I know wouldn't touch it. Before you take any trade, you have to be aware of the risk/reward. If you don't, it's probably safe to assume you're a net loser. Personally, I prefer to go the SMALL risk / HIGH reward route. Alright, here's my plan. I'm shorting this goat as close to that upper wedge line as I can......I'm taking the loss on a move over it.....well, maybe 50 cents of room. Speak up if you think this is a stupid trade with your reasoning.......maybe I'll change my mind (doubtful).
Me likes to trade these....straight up moves leaving all kinds of damage behind right up to a prior high. It is very rare when you'll see something like this breakout and sustain itself on the 1st test. I like to short that 1st test. Normally, it takes 3 or more tests before something will break through and stick.