After 3 months of watching breakouts fizzle, I became very quick to take profits. Wednesday morning was very choppy so I was in quick profit taking mode. I saw that DRYS was slowing at 65.5, and my 3R target was 65.4. The one thing I failed to recognize was the Head & Shoulders pattern in the indexes. So instead of 7R I got 2.2R. Now that the volume has returned to the market I will have to be slower to take profits, and expect stocks to run a little further. I still haven't come up with a formal exit strategy, but I have several ideas in mind.
After 3 months of watching breakouts fizzle, I became very quick to take profits. Wednesday morning was very choppy so I was in quick profit taking mode. I saw that DRYS was slowing at 65.5, and my 3R target was 65.4. The one thing I failed to recognize was the Head & Shoulders pattern in the indexes. So instead of 7R I got 2.2R. Now that the volume has returned to the market I will have to be slower to take profits, and expect stocks to run a little further. I still haven't come up with a formal exit strategy, but I have several ideas in mind.
4 comments:
what happened to the other one?
Can you be more specific?
Rick,
I like your blog. Very informative. I just started posting my trades also. Not really expecting people to look at it, but more of a trading journal for myself.
I really like you style of trading and I see you look at Jamie's blog, too.
Keep up the great work. I look forward to seeing some more trades from you.
Thanks,
Tyler
Thanks, you're my first official commenter! I've learned a lot from Trader Jamie. I'll be checking out your blog.
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