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Strategies & Market Trends : Alpha Stock Pick Charts

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To: Trader X who wrote (4)	2/20/1998 3:37:00 PM
From: SE	Read Replies (1) of 70

Nothing like having my butt handed to me on my first reversal pick. tscn.com Bought at a re-test of $21 a couple a little over a weeks ago. Promptly went down and triggered my stop loss at 18.375 and traded to a low of 17 1/8 or so on that day....reversed and now is at $22. What can I learn from this? 1) Stop losses need to be set up outside of the recent range...not at or near the bottom of the range. 2) Maybe the stop loss should be triggered only on a close below the level, not on an intra-day takeout of the level. 3) Don't buy on the way down to test support...give it another day to see if it holds, or if it will continue lower to find support within the range as opposed to the top of the range. Not sure exactly what went wrong, but I ended up with a loss on a good chart read and on what could/should have been a significant profit. Might revisit this issue, but for now, I am letting it run on without me. Damn. -Scott

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