syna

[legion3pm]

having a good day today not a huge breakout but nice volume and new highs from recent lows (maybe a double bottom).

[legion3pm]

bought in at 33.35. WHODI or GOODS what do you think a good stop would be for this?

[Goods]

Earnings surprise AH pushing it up nicely.

Absolute double bottom. Got some mojo going now. I'd personally sell some to lock in gains and throw a trailing stop on the rest (can't do AH btw)

Maybe 2-3% trail. Maybe less or more, depends what you're comfortable giving up. But you want to give it room to sell off a bit and bounce without stopping out.

The previous recent high was 33.15. You could put a stop under there and let it run a bit before moving it up. To be honest, stops are a weak point of mine because I'm impatient and hate giving up gains.

Hitting 35 AH. Looks like a killer. Nice call!

[Goods]

Jeez, just saw the dive after writing that last post. Don't know what happened, maybe bad guidence? Hope you were able to grab some profits on the upswing.

Same thing burned me on CMG yesterday. Earnings and guidance were real nice and I bought high. Then apparently, people didn't believe the margins would hold with rising food prices and it took a nose dive with no bounce. Had to eat the loss. Today it dropped another 7 or 8 points so happy to get out when I did.

[legion3pm]

wow i dont know what happened either i left for a bit and AH it just took back all the gains it made today.. dont really know if i should sell it or hold my position and see what happens tomorrow.

[legion3pm]

well i ate a big shit burger. went ahead and sold it at 30.50 AH dont know how much further it would have went down and i didnt want to find out.

[Goods]

That sucks man. I didn't see the news that dropped it. Looked great until then though.
A lot of traders like to lock in some gains on the pop just for that reason. The fact that it happened AH hurts because you can't use a stop.

Shake it off brother. Consider it tuition money.

[legion3pm]

thanks GOODS. yeah i thought i picked a winner but what can yah do. i thought the chart and everything was looking good. was my fault for not keeping a closer eye on it.

just a question GOODS you suggested a book, technical analysis of the financial markets by john j murphy and i got it and read it and thought it was great. was pretty easy to follow and i feel like i learned quite a bit from it. was wondering what book you would suggest next.

[whodi]

Plenty more out there legion, you'll find another like you have been doing.

[Goods]

Originally Posted by legion3pm

just a question GOODS you suggested a book, technical analysis of the financial markets by john j murphy and i got it and read it and thought it was great. was pretty easy to follow and i feel like i learned quite a bit from it. was wondering what book you would suggest next.

Legion, I like Dr. Alexander Elder's stuff. Easy to read, mixes psychology with trading strategy.

Try http://www.amazon.com/Complete-Tradi...9158011&sr=8-1

Another I'm reading is http://www.amazon.com/Entries-Exits-...9159405&sr=8-1

This one is nice for showing different trading styles of 16 people but pushes Elder's products a bit. Great analysis of the trades, worth reading-makes you think.

Just remember no trader has the ultimate answer. I try to draw ideas that work for me.

[legion3pm]

nyuk nyuk nyuk. thanks goods. i went ahead and ordered the complete trading for a living.