I find your notes nice reading but what about your P&L ? Is your analyses borne out in consistent profits ? If so, can you share them with us ?
Thanks for the thread Margo. KLAC looks like it meets your strategy, and ERTS finished the day @70.14. I too have been looking for ERTS to hit the 70, didn't get in today though. KLAC has earnings out Tue 5pm, would hate to be on the wrong side, look at QLGC this week.
AMGN closed (50.48) above the low on 4/11/01 (50.31) - are you ready, 'cause I think we get a chance this coming week to enter in our respective ways... nitro
Something came up last week and I was unable to update the journal on a daily basis nor was I able to trade except for Monday. I will try to be more active this week. As I mentioned before, it is often difficult to find the time to post. I work for a defense contractor, and I have to make frequent trips away from home. My trading philosophy is simple. I trade what works. I've been shorting resistance / buying strong support for almost a year with smaller positions. I implement TIGHT stop-loss rules. I blow out of my position if I short resistance IF resistance is violated. When I buy support, I get out if it's penetrated. In other words, I take small risks. I get stopped out ALOT more than I like, but the cost of a commission and a low risk entry is a small price to pay in my opinion. I also realize this strategy isn't going to work all the time. The time will come when the breakouts start working. Until then, I'm going to stand firm with what does. I've already posted this first setup. I will look to short it as close to the highs as possible with a small postion and I'm going to give it some room. The recent base isn't suggestive of a sustained breakout.