Conflicted week for me.
With a slight exception of the Nasdaq, the market indexes just didn’t move much. Most days closed with dojis and overall, long tails everywhere. Overall, most of the stocks in the market just didn’t move. I’m still not sure how I’m suppose to be finding stocks that are ready to break out. There are certainly stocks that do it everyday; I’m playing in other game for fun. It opened up on Thursday and I managed to trade my way down 4.46% from 100k. Then I took a slightly gamble on some earnings reports, and today I’m at a net loss of .22%. That’s veryvolatile.
However on a more conservative, more methodical approach, are there suppose to be days where I should be purely out of the market? What about for weeks at a time?
Here was my last trade, the JPM one I mentioned earlier this week. I shorted it because the banking sector has been overall weak, and it broke a fib line so I figured it would reach the next. It touched the fib line, so moved up my stop, and got out at a pretty good price. It was overall a straight forward trade.
As is shown in the price movement for the rest of the week, I wanted to get back into the trade, but I just couldn’t. There was such a slim margin for profit, and it seemed like that was the case for most of the big stocks this week. Will need to go back to the research.