I came into this most recent market thrust with a cash position hovering near 50%. During this entire year the lowest my cash position has ever dwindled was to 25%. That felt fully vested. I’ve lightened up as we’ve climbed the wall of worry. Today cash is at 90%.
I’ve swung some multi-month positions, a few winners, a few scratches, and a few losers. All documented within the sacred halls of iBC. You see, this is my 100th post! 101st actually. AND WITH IT COMES A GLEAM OF WISDOM:
DO NOT LISTEN TO ME, WHEN I TELL STORIES OF BUSINESS GRANDURE.
Let me explain. I trade two setups well. The more I trade them the more natural they feel. When I trade these two setups, I know my risk and define my targets. They’re very nice, very clean. They’ve been my biggest winners and smallest losers of the year.
When I tell a story, about management panache, product elegance, AND SUCH…it’s puff. There I said it. It’s all just me building subjective interpretations of a company and its operations to support my bias based off a chart setup. And it’s fun, so I will continue to do it. But don’t be surprised if I sell off stock in a company I think is great once price gets sloppy.
Like how I sold RGLD today. The setup broke down on Friday, but I suspected I would have a better price opportunity to close the trade today. I got my early morning pop, it had no follow through, so I scratched off the trade.
But know this and you will enjoy my pieces more. My trading centers on two setups:
Setup #1: Define if price is trending and trade the pullback and thrust in the direction of the trade.
Setup #2: A two scale purchase of a beaten down price, scaling off the original piece if price retraces.
Both setups rely on exponential moving averages. I’m a momentum and overreaction trader.
So I will likely delve into the aforementioned setups in greater detail in posts going forward. I’ll post the charts too, why not? I will not, however, delicately place perfectly cropped babes on my charts. I don’t have time for all that foolishness. However, thank you KCScott for lowering my blood pressure via babe shots.
Regarding the markets, we’ve made a thrust higher. And in my opinion the play now is to buy, but I need to find positions I can wrap a risk profile into.
I’m considering PCLN, should buyers step up. It will be a small position if it gets triggered. I like TOT on pullback too via this chessNwine piece.
I bought some STEM this morning for some riverboat action.
I need to get some of this cash out of my purse. I’m walking through the hood without a piece.
To 100 more posts I salute you!
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Good game plan. I agreed price action takes precedence over puff stories. Same here. I could write a beautiful story of why I love a stock but will not think twice to dump it when price actions suck.
Price action ALWAYS rule the day.
Great Post!
Thanks Zen. Puff makes good satire, price makes good trades.
My dream retirement locale is Portugal! We have browse that it is THE place to retire in Europe due to a reduced than average cost of living , a large coastline (so it’s a lot easier to live close towards the ocean), and considerably less citizenship/visa red tape.
There’s only the immediate future and the recent past
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