-268 points on the Dow we don't get days like this often this is FUN Bulls are being stabbed left and right and bailing positions. Woohoo keep falling.
hmm... we're going to see a pretty strong support level at around $26.20-26.00 or so. Be prepared we will most likely have a rebound soon. being a bear and making money is important but don't short near major support levels it's dangerous. Not to mention Warren Buffet worships this company. So we can't expect a much larger draw down.
Good question GTS. From where? Your right I haven't met my original posts 'entry' point. However, I will explain why in a channel it isn't always about timing a perfect bottom or top. It's trading principles that matter most in trading. Methods their are millions but principles are very few. This thread isn't for the sole purpose of just shorting. Yeah, because if it was it'd be wrong 50% of the time. When I said it would go below $30 2 weeks before it happened. Then, another 2 weeks for the stock to break down. Low and behold if you went in at $30 and exited at 27.00 or so you would have still made a 10% profit. My advice works for those who aren't near sighted. I'm a position trader, I know how to eat up profits in a channel. You should know better than to walk in on any position trader and judge him/her based on 1 or 2 days worth of results. When I'm trading based upon a 4-6 week horizons. Profit goes to the one who, understands what to expect from their strategies. I'm not even trying to time perfect bottoms or tops. As long as I can get close enough to the bottom or top so that I can make a profit over the 4-6 weeks, that's essentially good enough. I earn 10% and sometimes even more each round the stock goes up or down. My strategy and I play by principles not by being emotional. stock trade in channels 75% of the time, I don't play the game of breakouts I play channels. You don't like channel trading that's fine. But, that's the opportunity markets give you 75% of the time. Breakouts happen when earnings season comes in and extremely good economic data rolls down Wall Street. In turn stocks will either break below support levels or rise above previous resistance levels. You, want to play a game where you can earn more money in the same amount of time. Then choose what you want to do. Channels, or Trend Breaking? Channels are less speculative, measurable, understandable, and your not gambling based upon what the company might or might not earn. If you noticed based upon my channel trading, even though WFC brought in earning reports that beat expectations. It still ended in a channel that was in line with its P/E multiples. If it earned less I stood to benefit because people would have sold off the shares. No matter which way you look at it, the odds were on my side of the table no matter what. Let me give an example. A channel trader is like A tiger who knows how to catch his pray patiently. A trend follower would rather be the hyena who chases after dead meat and left overs. Chose, how you play the game GTS wisely. Before you confront me and then get your butt kicked after my predictions have been met. I'm not trading based upon what people might think tomorrow or the next day. I'm trading based upon investment principles that will be met in the end eventuality. That's how market works. Protect your principles and you survive. If you protect your ego you will never survive.