Just doing a quick update for a friend of mine because his work won't allow him to access dropbox link. So I have to post it here on my blog. I talked about a potential move on $MCP over the weekend where a low risk entry was present to us around the $43 levels. Today the stock spiked HARD AFTER our Stock clown Jim Cramer trashed $MCP on his show for being overvalued. I have said it many times before and I will say it again. Technical trading is almost ALWAYS about what you see and not what you think. Keep your risk and reward ratio at the minimal of 1 : 3 then you will live a long life in this business.
March 19 chart
Broke out today on huge volume.
Today March 22
How do you determine whether a descending triangle is going to be a continuation vs. a breakdown?
ReplyDeleteI don't know that. That is why I called it a "low risk" entry. If it breaks below $41 (which i did mention it on the chart) then you get out of the trade with a small loss. You need to keep in mind that chartist do not PREDICT what's going to happen. Chartist chart to be PREPARE whatever the market brings us. So that we can ACT IMMEDIATELY when an opportunity is present to us.
ReplyDeleteWhen you do technical trading. Your risk and reward ratio at the very minimal must be in 1:3. Meaning you only risk 10cents to gain 30 cents, risk $1 to gain $3... etc.
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