I liked my entry on this inverted cup and handle. Obviously, the exit could have been better. My 3R target was 169, but the whole morning was trending and very pessimistic after the personal income data and Dell gapping down, so I just tightened my stop to 170.2. I didn't notice the second cup and handle at 170 in real time, which would have made me quicker to exit at 169 due to the shallowness of the cup. But I got 1.81R out of this, and ended the month on a good note. I've noticed that Friday's trade much differently then any other day. It appears that many traders like to take a half day. Usually traders go out to lunch around 12, so they start covering at 11:54ish. On Friday's, there isn't mass closing of positions until 12:30-1.
Saturday, August 30, 2008
Friday trade - AAPL
I liked my entry on this inverted cup and handle. Obviously, the exit could have been better. My 3R target was 169, but the whole morning was trending and very pessimistic after the personal income data and Dell gapping down, so I just tightened my stop to 170.2. I didn't notice the second cup and handle at 170 in real time, which would have made me quicker to exit at 169 due to the shallowness of the cup. But I got 1.81R out of this, and ended the month on a good note. I've noticed that Friday's trade much differently then any other day. It appears that many traders like to take a half day. Usually traders go out to lunch around 12, so they start covering at 11:54ish. On Friday's, there isn't mass closing of positions until 12:30-1.
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