Thursday, October 18, 2007

Bought USU

I went over a lot of charts last night and I don't remember why but I wrote down USU's 6 month chart as something I liked. It's a pretty bad chart and I don't know why I would of saved it to look back on but I did. I set alerts for the intra day chart. They went off and I started looking at USU. I got in on the ride up to the resistance line and it pulled back and now it looks to have broken that resistance.

 

I got in at 6.87 and my stop is at 6.65 I noticed already that my new risk management method is going to help a lot in preventing weak stop outs. I've tailored both of these picks around a stop loss point and have adjusted my position size accordingly. I can tell on LOCM I would of been stopped out because I know I would of put a really tight stop under that support line. But I didn't I put it below the action which has kept me in for the time being. Although I don't know if now would be a good time to be actively trading the markets right now.

 

8.90 looks to be the new resistance line. Also, I'm still long LOCM

 

usu buy chart

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1 comment:

Justin said...

Tradeswing,
Hey man! Keep up the awesome blog posts. Its cool to see your thinking unfold. Keep it coming candid like you have good or bad! Good stuff!