‘Oops My Bad’…Or Not?
I’m probably wrong more often than not.
As
a trader doing his homework the night before, that’s perfectly alright, as we go
in each morning ‘anticipating’, but not acting…that is, until one of our
stocks confirms what we saw in the charts the night before.
In Wednesday morning’s trade I believe one of my ‘picks’
led the loser’s list of those stocks acting disastrously. The stock in question
was Verity
(
VRTY |
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News |
PowerRating). The issue had closed in a strong candlestick
pattern, on volume, and off of technical support on the daily time frame.
I’m man enough to admit it, I was watching for
long entries. But, more importantly, without an entry to trigger the trade it
was time in the ‘here and now’ to start looking for some other high probability
opportunities. Case in point, from the same report Integrated Circuit Systems
(
ICST |
Quote |
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PowerRating) was triggering potential long entries, following through on
yesterday’s strength, and the reason for its inclusion in my list as well.
Which would you choose to focus your time and
money on — that which is, or that which was? The moral of the story is, and I
think Gordon Gecko said it best, ‘Never get emotional over a stock.’
So even though Verity wasn’t acting ‘very nice’
today, with the rest of your list of High and Low RS stocks that were working,
there was definitely opportunity to profit, by being prepared ahead of
time…even if I did feel like a great big ‘Yahoo’ coming in this morning.