Thanks. I'll have to re-read Bruno R. I looked at SIMO's chart after I read your previous post and I came to the conclusion that it is in a shallow retracement in the downtrend red channel. So, I would trade only its downtrend green channels.
The set up was 'close' to Jack's Bruno R set up, and so I took a calculated risk. Clearly, it did not pay off this time. In hindsight, I should have waited until I had MACD rising toward the zero level or in the neutral area. I used the same set up when identifying GMXR and GROW 3 (trading) days ago. Unfortunately, 'close enough' isn't always good enough when trying to anticipate a change in trend. I probably should have waited another day or two before jumping into the pool. Thanks for the chart. - Spydertrader
I entered ENG today @ 10.70. It reached FRV by closing so I'll hold it as usual with a 5% trailing stop and 10% target.
Nice trade so far spon. Keep up the great work. Watch for some resistance around the $11.33 price point. You might also consider using a tighter stop if price continues higher to insure locking in some profit. Good Trading to you. - Spydertrader
Thanks Spyder. I just set up the normal 10% target and 5% trailing stop for 1/2 my position and the other 1/2 for a tigher 2% trailing stop to protect profits, as you suggested. I need to get some back after the bath I took on VPHM last week. lol.
For those of you that do trade AMEX stocks, MEK finally appeared on my list today. I did not add it to my Final Universe, but thought some of you might have. - Spydertrader
BNT CTHR ENG FORD GROW MTEX I plan to keep an eye on the above list of stocks tomorrow. Some are in Dry Up and a few are not. - Spydertrader
Check achilles28's great post on "Forums âºâº Technically Speaking âºâº Technical Analysis âºâº trend following delusion shattered": http://www.elitetrader.com/vb/showthread.php?s=&postid=1002814#post1002814