Friday, August 22, 2008

Intc, aapl, and the wait

Intc is still in play as it didn't break above the stop I recommended yesterday--23.40. However, I should have paid closer attention to support and resistance levels. Support seems to be around 23, and I like to follow the stock a little closer throughout the day when support or resistance is so near. Take profits before they are taken from you. I haven't quite worked out exactly how I want to approach the close of a trade (or for that matter, the opening), but I definitely don't want to be too lenient. The distance between 23 and 23.40 is nearly 2% and isn't worth losing. As the stock gets closer and closer to support or resistance, and is showing slowing momentum, you should feel free to hold a closer stop and even consider mentally closing out the trade. Think of any further progress in your direction as a different trade, and add should the current level break in your favor.

Apple proved to be stronger than hoped, although it may prove to be an opportunity to enter long. I am not sure yet, but the recommended stop at 176 was hit today. That trade garnered 2.2%.

I am still waiting on the transfer of my funds from my current broker to my bank. And I will have to wait on that before I can commence trading. However, I am working out some new enter/exit strategies in the meantime. I am also formulating a practical beginners guide to trading.

In any case, good trading to all of you.

PS: Shorting SPY at ~129 looks good to me. A stop at 130.3 or so should be more than enough wiggle-room.
StumbleUpon

No comments: