tradersams blog

Another down day, and my longs are getting picked off one by one.

roc

ROC signaled an exit on yesterdays close of day price, so closed long position that I pyramided into just the other day, for a 4% loss.  (Actually not really true, loss is greater as I don’t take into account transaction costs for the purposes of the blog, and this had high costs due to the multiple entries).  As I look at the graph (see to the right), it has fallen to the next support region…

mcc trade

MCC also signaled exit on yesterdays close, so exited on a tidy 23% gain.  Again closed near support today.  OK trade though this one.  I am a bit disappointed in the entry, as I bought in ‘hoping’ to push through the resistance, rather than waiting for confirmation.

This could be short term weakness (likely to be?) but to trade well, cut the losses – go by the chart – and re-enter short or long when the next opportunity arises.