Okay, so we got that move above 43.85 in the Q's! The problem is, I don't like to buy after a gap up, so I day traded and made a little bit in the Q's today. Typically, there will be another chance to go long in a big way...if we're paying close enough attention. Be patient.
Two of today's three longs didn't get a pullback as I was looking for on the setup sheet. Fortunately, I was still long a partial position in GIGM from yesterday. SONE gave an entry and then sold off. Notice the sell off and recovery on March 30, then the run up and sell off today. Big battle going on in this one. ALL didn't give us an entry either, and the market is strong so shorting may not be the right strategy right now, but it does still look vulnerable to me.
Again, I have a pile of potential setups, but I've provided a few for Wednesday that seem tradable. Note that SONS (not SONE) might be good for an entry above today's high, but I'm looking for a pullback before entering to lower the risk if I trade it. Hopefully these turn out to be winners, but remember: good traders can make money on a bad idea and bad traders can lose money on a good idea...so it all comes down to you and how well you execute and manage your trades.
Have a great Wednesday!
2 comments:
John, just to clarify on the Enter column, you would go long when the price crosses above the entry?
Yes, I would enter ABOVE the price specified, but just above - generally a penny or two. The exception is if the stock hasn't convinced me it's ready to go, and in a case like that I may wait a little bit longer to see how the price action behaves.
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