Keeping A High-Probability Trade Under Control
When you’re wrong, you’re
wrong. Bottom line, the technicals that got you in the trade with perceived edge
should also steer you clear of real disaster–barring
any intraday gaps, which fortunately don’t occur too often.
09:54:22
Reversal Setup
Lamar Advertising (LAMR),
from the Nightly
Daytraders Report has put in a slightly higher-high, double top on the daily
perspective–up .21 at 44.01. On the extended intraday 5-minute chart, the stock
has formed a higher-high
1,2,3 topping pattern that might be considered for reversal shorts.
Like the big ol’ billboard advertisements that
Lamar manufactures–the failure of the double top to hold was very easy to read.
Sure, I would have liked it to turn out differently, but ‘when the writing is on
the wall so to speak’–it’s time to exit gracefully, rather than looking like
roadkill somewhere down the line.
Chris Tyler