You will like KRON. But with the bullish bias of the last 2 weeks, I would not be surprised to see this punch through.
okay, AMGN closed [after hours] at 51.29. This is a critical period for AMGN. Assuming the spoos coopertate [which I have come to the conclusion is ALL that matters on these overnight swing trades] AMGN has a great chance of forming a double top if it fails to go over 52.00. Currently, it has formed a bull flag [BTW, I am not a chartist, I am just saying these things because it is interesting to see the different forces at play on a chart.] I assume you will be selling right below 52, with a tight stop above it. I will be looking to go long slightly above 52, with a tight stop right below 52 [52.99 is the key high set on 5/23/2002] nitro
Mike, No, I didn't chase it.....I'm not any good at trading anything that gaps right through my entry. I'd of already covered 1/2 at the upper gap if I had though. Happy trading.
dgabriel, Very nice setup.....exactly what I look for. Unfortunately, I didn't see it in time and it didn't show up on my post. By the way, nice call....sheesh, shorting crappy bases at resistance can be so easy.
Prox, I'd love to be able to say that I always hold to measurement but I'd be pulling your leg if I did. As my account has grown over the years, the size of my positions has changed very little. It's what I'm comfortable with, and I don't see any reason to change as long as it's working. When I trade around S/R, I normally take profits on the first 1/2 of my position when I'm up $1.50 - $2.00. Yes, I realize that sounds strange since it means I'm not really keying on any sort of technical level. My #1 priority with EVERY trade I take is minimizing and/or eliminating my risk. Once a little juice comes my way, I'll book a profit, slap a breakeven stop on the rest, and ride the rest to see what happens. In my opinion, there is NOTHING that compares to a free trade.
This is just an updated chart from a previous post and a good example of why resistance is resistance until it ain't no more. I've been reading the boards on ET in my free time over the past few weeks and it's amazing (to me anyway) how you folks complicate this game we call trading. SIMPLIFY.......know support & resistance....throw the emotions out the window......and you'll make $.
Another updated chart from this past weekend....gave a perfect / low risk short entry. Who in the hell would buy this breakout? It looks like a 10,000 lb. gorilla climbing a slippery rope.
I'd love to see the goofy momentum players push this bloated pig up just a bit more.....I'll take a low risk short at resistance.
If you're planning on buying this breakout, go to Wal-Mart, buy some vaseline, and be prepared to grab your ankles. I'll short at the stick highs.