Vernie, You are absolutely correct... Is Yogi the guy who said, If it works, don't fix it......
Charts are just loaded with information. When I first started trading, I rarely used stops, after to many ouches, I don't do that anymore... This is a little excercise I was doing, it just helps me to get a clearer picture... It is just a short time 30m timeframe swing trade ... To determine where I might want to take some money off the table, or get out of a posistion all together, depending on market conditions... I do not have a position in NEM
The thought:
I really like NEM and spot gold has really blasted off.. I'd hate to sell it prematurely, even though I know I can always get back in... the up channel is very fragile... lets see what is just below, maybe a stop down there would be better?
Next week may change the picture, so I will keep an open mind and use Dynamic stops.
I luv, idea's so just tossing this one out
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