Philip Morris International Inc. [[PM]] met our profit target today, but admittedly, the target was set too low.
The rest of the picks from yesterday are still valid.
We have one new pick for tomorrow, and that is The Blackstone Group L.P. [[BX]] .
The exit target is $17.11
i’ve been looking for a reason to buy BX wood — thanks! also, have you looked at RSI(2) for an entry indicator? is it crap? i’ve had moderate successes recently, but i still suck at exits — not sure that’ll change… thanks!
RSI2 is still working for a long-side entry indicator, but it will not work very well by itself. There has to be other factors involved. I meant to have the chart above show RSI2 instead of RSI14, but oh well.
The way the market has been trending, using RSI2 for exits is not working as well and it is not working well at all for short entries. Consider looking at RSI3 or even 4 which will allow for greater momo like we’ve been seeing lately.
No offense, but the entry is the easy part. The exit is what will separate the winning traders from the losing traders, and this applies across all time frames and strategies. The exiting process seems to be consumed by numerous biases and psychological stuff. I know that I have suffered from it and still do a bit, for a long time.
thanks for the input — and yep, i’m painfully aware. i’m experimenting with “automatic” trading using IB’s scale-in/take profit @ feature. any thoughts on that? thanks agin…
Philiporris is resetting its merchandising fixtures in stores very soon. Keep an eye on profits