Hi frtaylor, you're correct about DFT, since that didn't even
break out. SMG, however, had broken out, but it broke out the day
before and you bought it gapped up a bit (being 2% above the
breaking point). So, that's probably why that trade didn't work.
SMG may still work, but if you're going to buy late and buy a
(small) gap, you'll need to give the trade time (and time isn't
something we get much of these days, since the market reverses a
lot). So, being up 2% is already kind of late for this market
(unless you plan on waiting it out for a move higher). UCO might
still work out as a trendline buy, but since it doesn't look like a
day trade, you might need to wait a bit (with a stop just below the
trendline). Hope this helps somewhat.
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Hi frtaylor, you're correct about
struggling to learn to trade
Posted by user32 on 18th of Aug 2010 at 09:10 am
Hi frtaylor, you're correct about DFT, since that didn't even break out. SMG, however, had broken out, but it broke out the day before and you bought it gapped up a bit (being 2% above the breaking point). So, that's probably why that trade didn't work. SMG may still work, but if you're going to buy late and buy a (small) gap, you'll need to give the trade time (and time isn't something we get much of these days, since the market reverses a lot). So, being up 2% is already kind of late for this market (unless you plan on waiting it out for a move higher). UCO might still work out as a trendline buy, but since it doesn't look like a day trade, you might need to wait a bit (with a stop just below the trendline). Hope this helps somewhat.