Archive for December 8th, 2009|Daily archive page
today – okn close
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Oakton close
OKN: Closed my position in Oakton today at $3.40, for an overall loss of 3.89%.
This has been a predictable outcome as the share made a higher low (light blue sketch), but failed to make a higher high (purple sketch). The share then bounced off the ATR stop loss line, and ended up falling through it yesterday, also falling through the trendline at the same time.
Looking at my post when I pyramided in (here) I was clearly bullish, firing off the three white candles – but I did what I said I’d do – I stuck to the plan.
Issue with this trade – I pyramided in too early. I should have waited for the higher hig, which I did not do – I jumped the gun a bit.
Looks like Oakton is getting set up for a short. I’ll keep an eye – although we might just see some consolidation.
today – open sfh
Specialty Fashion open
SFH: Opened a position in Specialty Fashion today at $1.47. Hmmm… a share I’ve never owned before, and have in fact never heard of…
I selected this position today as it showed up as a high mover on my market heat map today. I pulled up the longer term chart and was able to draw an uptrend thats been more or less in place since February this year… which makes it one of the early ones to break out.
What against it? Well I don’t use indicators much, but I do cast an eye over them now and then. This share is showing declining momentum over the last three months – not unusual given this is happening a it in the current market. That said – I will follow my usual plan, and see what comes out the other end.
As an aside: System A had no new entries this week.
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