tradersams blog

tap entry

TAP: Opened a position today.  I am looking to catch a bounce from the rising trend line, which is forming the lower side of a rising wedge (orange lines).  Further to this I am looking for earlier resistance to become support from about a month ago.  The recent rise looked like it was breaking upper resistance, so I expect this to simply be a replacement.  Due to the closeness to the support the current market weakness may help the trade to fall out the bottom.

okn entry

OKN: Opened a position in OKN also, entered as the share broke through the resistance line drawn from the peak about 6 weeks ago.  Oakton has strong resistance around $2 to $2.20 so will watch how this proceeds from that area.

I did something today I don’t normally do – I looked at the actual transactions on OKN – and they look … unusual – but I’ll put that into another entry.

So – for developing traders, the Traderfeed blog asks an important question in his entry today – “How well are you mentoring yourself”.  Now thats something for me to ponder.  As I think I said the other day, I’m happy to buy almost anything – I just have to really manage those exits.  That said, I do try to pick entries, but it doesn’t stop my activity as it used to.