hard to say, it's already pulled back 50%. There is MA
support here at the 20 day MA and it's filled the gap at 47.
Really I don't want to see it go lower then today's low. The
indicators are iffy at best i.e. Stochastics is in the middle of
the range etc. Next supports are the 50 MA, then
45.
A good point I want to make is that even for swing traders who
want to give a stock some room, it would have been prudent to take
partial profits on that move up. Even for swing traders, when
you get a 20% move in a few weeks or a month, that's a huge
percentage gain and you hate to give it all back.
Setting stops, it's not easy folks, and it's easier said than
done. Set a stop too tight, and you will be stopped out on
noise, set a stop too loose, then you give back a lot of your
profits.
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GDX
Posted by kreem on 18th of Jul 2008 at 03:55 pm
Hey, Matt,
What's your sense on holding GDX - is it taking it's sweet time too much or has nothing really changed? - still well in pattern
hard to say, it's already
Posted by matt on 18th of Jul 2008 at 04:39 pm
hard to say, it's already pulled back 50%. There is MA support here at the 20 day MA and it's filled the gap at 47. Really I don't want to see it go lower then today's low. The indicators are iffy at best i.e. Stochastics is in the middle of the range etc. Next supports are the 50 MA, then 45.
A good point I want to make is that even for swing traders who want to give a stock some room, it would have been prudent to take partial profits on that move up. Even for swing traders, when you get a 20% move in a few weeks or a month, that's a huge percentage gain and you hate to give it all back.
Setting stops, it's not easy folks, and it's easier said than done. Set a stop too tight, and you will be stopped out on noise, set a stop too loose, then you give back a lot of your profits.