Here's a set up i would have explored today.
AT 6.48 US, SLW's looking at 6.7 if it breaks through, that's a 3.3% gain. On the downside, its protected at 6.37, 1.5% LOSS.
2:1 risk:reward says thats a good intraday trade
Using 10K, thats $300 bucks for 10 minutes work, but you had to wait all day for the set up.
So with the current selloff what are resistance points for the downward movement? This will create another buying opportunity, but calling the bottom is always hard. Long term I think we see inflation, but short term is rather uncertain so this could keep going down for a time.
attention fellow posters i have not put on ignore:
please, use the star system to rate your favorite or not so favorite posts.
there are a lot more posters here and it will help us lurkers know what to read.
Why did I do this?
There are a lot of people who have no clue about the power of technical analysis.
Many love to critise but rarely will put themselves in front of critisism.
I put myself out there, keeping in mind I haven't daytraded in 2 years, I was rusty.
The targets were pretty bang on, but once you have those target prices, what do you do when you reach them. Do you get greedy, as I may have trying to wait for the break of 6.7 or do you sell?
Also, my other mistake was setting the stop for the last 5000 dollars at the original breakout price 6.48, I should have set it 1 cent less (i wasn't thinking).
In all, the stop out at 6.63 on half the 10K got me 115 dollars on 10,000 investment. backing out costs of $20 for trades, daytrading platform etc. I would have netted $95 on 6.5hours work. If I wasn't trying to show off (bad chemaes), i would have got $310 for 6.5 hours.
That was a bad trade, allthough a daytraders motto is to live to trade again another day, and when your wrong cut losses. I didn't loose according to the motto! The aim should have been 2 to 3% for the trade, I got 1%.
This is my last post for a while, you're only as good as you last trade they say..lol.
I'm still long SLW. The 15% I sold wasn't deployed back in today, it wasn't a strong enough close.