Hey, I got stopped out of my SKF today and I’m feeling really good about it! Why? Take a look at the Bad Ass bearish engulfment bar below (at least the full body red bar contained the full body green bar from yesterday).
That look like a great force coming to stop this SKF from going further up. It could mean the SKF run is over. Meaning that there may not be a financial meltdown some of us are afraid of. Meaning that the Euro-zone is going to find a solution instead of letting thing fall apart like some of us are postulating. Enough of my wishful thinking and meaningless conjecture, let’s move on.
Well, when I see a bad ass bar telling me my run with SKF is over, it is naturally for me to start looking for something to go long. As usual, I only trade my personal favorite. I’m now long DDD, SSYS, EMAN, WPRT and some other exotic animals you probably don’t want to touch.
Basically, I’m now 40% cash.
Yes, you are correct, I’m crazy. But in case you forget, this is just my “catching the falling knife play“; therefore, I have all my fail-safe protection in place in case I’m “wrong” which, again, happen all the times! Hey, I was wrong on my SKF play from yesterday, remember?
Now I can my watch my monitors with renewed vigorousness. It sure beats learning to catch a fly with my chopsticks! 🙂
Good Hunting!
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Well done on following through with your play on SKF. Cash rewards to the trade plan and following it.
Thanks redman. Just following the business plan; after all, trading is a business.
Reduced my position in WPRT by half to minimize loss. Will close out this position if price continued to decline.
Ouch! but the pain is necessary to avoid further aggravation.
Added back some WPRT this morning. Also added SSYS; SZYM, LNG.
Now, only 30% cash holding
Again, added more WPRT since it took out yesterday high. However, I placed a close stop to my addition so that if the momentum reverse, my holding will reduce.
As much as I dislike it, the downdraft of the S&P all morning spooked the hell out of me. The taking out of the low of yesterday DDD triggered my “go back to cash” mode. Needless to day, I sold almost everything I bought yesterday and was able to hold on to some profit (gave back quite a bit though).
Now holding 75% cash. Who know, I might just sold the bottom for the day but I really don’t care. Safety comes first!