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Gold/Mining/Energy : Uranium Stocks
URNM 53.13-0.2%Dec 18 4:00 PM EST
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To: chowder who wrote (11138)5/16/2007 10:30:30 AM
From: chowder  Read Replies (1) of 30225
 
Re: EFR.TO ... Yesterday I presented a short term buy set up for ERF.TO. (This message is linked to the original analysis.)

Here was the strategy:

>>> If someone were looking for a short term trade, maybe 1 -3 days, then we may see an opportunity for a short term bounce in the next day or two, capturing maybe 20 to 30 cents in profits. <<<

Today garnered the 30 cents in profits, or up 10.3% for the 2 days.

My position size on long term trades is 5% of my total portfolio. My position size on short term trades is 10% of my total portfolio. The 10.2% over the last 2 days actually represents better than a 20% profit on a normal sized position. This is the big advantage to waiting for low risk entries. You can step in with size and have it affect your bottom line.

I avoid set ups that call for taking on small positions. The reason for this is if you are correct and price responds the way you want it to, you don't have a large enough position to benefit the bottom line. Stops must be kept tight though and adhered to with a great deal of discipline, another reason for entering the stock correctly.

At this point, the profits have been taken on this very low risk, high probability set up.

I will step aside and wait for another low risk entry.

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