Stefan, I am glad that each day I was setting a trailing stop behind TRBDF...The stock is a strong trender, giving back very little ground...I have been in since 4 7/8...On Friday morning I set a sell stop at 10.00 a share, just below Thursday's close at 10.25....The stop was triggered, and I am now out with my remaining position....If the stock moves down to major support in a market freefall to the 7.50 area, I will re-enter, or I will re-enter on a takeout of Friday's high...I realize that you many times give the market maker and others easy ways to pick up shares, but I also realize that once momentum starts it feeds on itself and does damage...Protect profits at all costs is a cardinal rule of the trader...If I have picked the right stock, and the momentum is good, my stops will not harm me, but only help me....
Here is today's trader tip:
Connor's Spent Market Trading Pattern(SMTP)
1. Today the market must make a 10 period low
2. Today's range must be the largest in the past 10 bars
3. Today's close must be in the top 25% of today's range..
4. Tomorrow, or the trading day after, buy one tick above today's high...
As you can see, you are attempting to catch a pop after the stock has worn itself out to the downside...
Regards, Mark |
