Jai, will do. Newtoet, yeah right. Just kidding with you. This biz is tough enough without having your thoughts and motives questioned on a trading resource website. Inda', you made enough to retire on, you trade 10K blocks don't you? Next chart...
Let's say you were short and caught this nice move.... you are now resting on the bottom of a channel it appears, how are you going to protect your profits. Just to increase the pucker factor, you were short 5K shares, and you are now up 15K in several days. I know this is waaaay below par for many of you, but for those who it isn't.... just imagine!!!!
i've been missing these exercises bweeo. i think i would have drawn a symmetrical triangle on the first chart and gotten in the way of the break.
if i was up 15k i would run and never look back. if not i would wait and see if that first low (the very first candle of the chart) holds up. if it does i get out. if it doesnt i hold on for some more of the ride.
Late to class again TKO'! Probably down in the Quarter till the wee hours, huh? That's okay, a guy has to have fun. Okay, here is the last chart for GE on the daily chart. The text is back in so you can check it out. Most everyone would have been out by that latest rally there, probably much sooner. The bounce off the channel would have done it, etc etc. But again, I suspect most of you nailed this move for a nice fat chunk. Curiously, how many of you are feeling pressure just going through this exercise, even though you don't post? Weird isn't it? Look for Trade the Chart III, and please provide suggestions how you like to see this done. Thanks guys, and great job!
I'll run another one Monday evening! By then people will probably be jonesing enough to participate. Hope to see you then. I'll try and remember to PM before it starts.