Posted by: fortunefaded February 17, 2010
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So why did I sell JASO at 5.58 today? It's simple. Take a look at the chart below:
Look at the Resistance we are facing at 5.60 area. Technicals are the KEY. Once you learn how to read the chart, you can easily make money in the stock market. Also, the stock had run up for 5 straight days in a row. Could it have gone higher today? Sure, nothing is impossible, but once you make 20% on a stock in 4 trading days, you take your money and run. The probability, and I repeat, the probability is what dictates technical analysis. Next to technicals, you must have discipline in the market. There is always 'hope' among novice traders. They buy some stock and it soars and at some point it will reverse and they will hope it is going to come back up again. More often than not, it doesn't and they lose the money they had once made. Once you start hoping on a stock, then you know that's the time you sell it.
Now, here is my reccomendation for this week. I entered FLIR at 26.70 today and it has already shown some promise. I believe this stock can go up to 29 in a few weeks as long as we don't see a huge crash. The reason being, the 200 day Moving Average and the support we just bounced up today. I also like the volume in this one.
Good luck to you all and happy trading.
FF
Look at the Resistance we are facing at 5.60 area. Technicals are the KEY. Once you learn how to read the chart, you can easily make money in the stock market. Also, the stock had run up for 5 straight days in a row. Could it have gone higher today? Sure, nothing is impossible, but once you make 20% on a stock in 4 trading days, you take your money and run. The probability, and I repeat, the probability is what dictates technical analysis. Next to technicals, you must have discipline in the market. There is always 'hope' among novice traders. They buy some stock and it soars and at some point it will reverse and they will hope it is going to come back up again. More often than not, it doesn't and they lose the money they had once made. Once you start hoping on a stock, then you know that's the time you sell it.
Now, here is my reccomendation for this week. I entered FLIR at 26.70 today and it has already shown some promise. I believe this stock can go up to 29 in a few weeks as long as we don't see a huge crash. The reason being, the 200 day Moving Average and the support we just bounced up today. I also like the volume in this one.
Good luck to you all and happy trading.
FF