Monday, 23 January 2012

Sold TNA today at 52.60

Sold TNA today at 52.60
I made an amateur mistake today, held out for more.
Rule #1 is cash conservation.
Rule #2 is don't forget Rule #1
Rule #3 is don't get greedy
Human emotion is the biggest pitfall in this game, don't get greedy. Look at the patterns, count the waves and use your system, whatever your system might be, everyone has a system, or should have a system.
I watched the price go to 54.30. It was a classic ascending wedge with an overthrow, I was  ready to pull the pin and got side tracked. I the watched it go all the way down. What a beautiful setup in the first half hour of trading. It was text book
If this happens to you. Usually the market will retest the high, that's what I did, wait for the retest. The Markets might bounce around for a couple of days But This is the time to sell according to my model, so therefore, I sell.
That's all for now, Have to wait for the next trade. The next trend change's are scheduled for March 15th, March 30th, April 9th. Things could get interesting.
stay tuned, for the next trading forecast with the Russell 2000

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