Monday, September 24, 2007

Full Steam Ahead

Today has been such a weird day, emotionally and psychologically for me. I got to the point where I was second guessing myself as a trader and questioned if I should even keep doing this. I'm sure my loss had something to do with it, 6 losses in a row, but hey, that's the nature of the business. Before, I didn't mind too much last couple weeks with my losses but I guess it was something about this 6th one that kind of did it for me. Any who, I'm over it and I'm feeling confident in my skills. After that trade I went to go eat, take a nap and then look over all my trades and notes which helped a lot boost my confidence again.


With that said, I've got a trade I really like for tomorrow. This time, if it hits my entry point, I'm going to trade it!! No matter what!, lol.


The way this is setup, I'll be risking about a 2% loss for a potential 6.5% gain. The entry point is riding above some strong support (green line). Stop loss is just under that by 30 cents which is in a great area (black line). The target exit point is where the red line is at 14.75 roughly where the last line of resistance is for this stock. The yellow line represents a little resistance over the last 6 days of trading so that'll be something to look out for.


Time frame for this stock will be 3 days at the max or less if my exit target is reached.

STKL - Candle All_1m 2007-09-24 190635 Tags: , , ,

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