FLACK,
Thank you for your observations. They are well noted and appreciated. I've looked all weekend, and can't seem to come up with any nice looking setups for tomorrow. Everything I've come up with appears to be more of a long shot as opposed to a sure fire play.....like OIIM.
One thing that I've really focused on lately with the breakouts is taking a stab at the ones that are trading on heavy volume (% to daily average). The risk/reward, in my opinion, is so much greater. If one goes through resistance and the volume % isn't there, I delete it off my screen...the risk just isn't worth it.
One I'm really not sure what to think about is SMTF:
stockcharts.com[h,a]daclyymy[db][pb10!c20!b50!b200!f][vc60][iLa8,17,9!Lf!Lc8!Lg]
She's knocking heads with the 200 MA. If the market mavericks take us down in the next day or so, it seems like she has a little to fill below. LOL. I'll probably avoid it myself, but was wondering if you had any thoughts.
"Since I seldom go long, this is rather new "territory" for me"
I know I'm way out of line saying this, but if I could offer advise to you (or anyone else) in regards to the breakouts it would be to focus on the % of average daily volume. If its heavy on the breakout, it's worth a shot. The odds of success are so much greater than when it's not...I wish I was capable of comparing it to blackjack...LOL :). Unfortunately, my writing (and creative) skills are rather weak.
Again, thank you for your observations and your thoughts.
Happy trading,
G |
