Kerry,
However, here's a quote from one DavidG:<< I agree. 32 3/4 to 33 is a resistance band.
I don't believe MU will go over 33. >> You were wrong, but of course wrong and long
so you made some good money. (A pyrrhic victory, if you're worried about your rep. as
a forecaster and not your bank account.)
I believe you misunderstood my opinion of the 33 level. 33 is a point where, when MU is below it, it is more probable to bounce off it rather than go through it...and the probability of that happening is very high. So once I establish support and resistance points I stick with it rather than second guess it.
I never look at it as wrong for MU to break support or resistance since there is always that probability it will occur but rather an opportunity to quickly react to it. It is too complicated for me to explain right now ...but certainly the more it recognizes support/resistance levels the higher the probability will be that it follows these rules.
As far as me being long at that time and making a lot of money, that wasn't correct. I only had PUTS and only until MU broke support did I go long at 33 5/16 and sold out at above 34. Today I was long at 33 3/4 to 34 3/4. I miss tops and bottoms but do get the trades in between.
Also, I do not recommend what other people should do, but rather just say what I am doing...and quite frankly it is only a fraction of all of my trades. So when you allude to a "pyrrhic victory", it is rather unfair, since I share my information and if one wants to follow, fine... and if they did everything that I have posted they may have more gains than losses...I know b/c I have them.
In any event, I am not doing it to gain a rep, many have emailed me to continue posting trades, maybe b/c they are curious, or want to learn something different and compare it to what they are currently doing.
Good Luck Trading
DavidG |
