Today really was a test of patience for me. I should have been more patient on my long entry of $ANF an earnings winner. I saw the big sell off and know that around 950-1010 there tends to be the reversal. I jumped in at 951 and then added at 955 and 1009 when the bottom was really at 1013. I should watch more carefully and remember to have the price action going with me not against me. I was patient in letting the earnings win news take over and looked for 30.45 as my exit. Well it almost got there but I didnt want end of day last 5 minutes of selling to drop it more so I sold at 30.353. I think it will gap up overnight but I wanted to protect my profits.
I also exited my trade of $DWTI and I should have right after the announcement of the surplus of oil when it spiked I immediately flipped my position at my exit 206.10 to UWTI for an entry of 1.925 and it closed up at 1.96 so I definitely made the right move there. I think I will stay long for now as oil seems to be rebounding.
Another purchase in my 401k account was $RJET a bankrupt airline. Since I had so much luck with $AAMRQ taking a $25K investment and turning it into $250K, I bought in at .8999. With Tim's strategy of the stronger stocks gapping up at open I thought this will make money overnight. I took a small position of 2200 shares. At the time of writing this blog it is at $1.00 AH I might sell the gap up in the morning and then buy lower again. Might increase my position for this longer term holding.
Hope you had a green day. Today really tested my patience sitting in front of the computer all day watching one stock. It was however worth it.
Hi Jane, always great to read reviews, to know what people are thinking and the 'why' behind their decisions. You refer to Tim's strategy of < the stronger stocks gapping up at open >; how does that relate to a bankrupt airline ( $RJET ). To me (the very inexperienced student) it seems weird to have "bankrupt" and "stronger stocks" in the same thought - although I know your $AAMRQ deal worked out extremely well, I would think that is for another reason than it being a strong stock. Feel free to
I was ending with: Feel free to correct me at all times I was wrong with my thoughts =) #TheSoonerWeFailTheSoonerWeCanImprove
@brechtdw even though the stock is in bankruptcy the momentum in the price action was strong for the day and closing up caused it to continue with a gap up and strength thr next day. I hope that helps to clarify what I meant.
@AirplaneJane and when momentum turns (sell winning over bid) ... you're ready to get out, correct?
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