Listening And Adjusting Accordingly
Go ahead and ask me, or Jeeves
for that matter. Is it appropriate to change your entry rules based on the
environment? Well, if you
bother to ask me, or just keep an eye on the alerts that I write up during the
day, you’ll find out that I personally believe in different strategies for
entering a stock. Depending on the liquidity of the individual stock, as well as
how the trading environment is at that particular moment in time will have a
definite influence in price selection for entry.
By listening to the market, I
believe entry strategies can be selective and thereby increasing your odds of a
successful trade versus getting into trouble. For instance, in today’s trade,
one of the alerts that I started to prepare, but ended up in the graveyard of
the non-triggered, defined a level that looked appropriate for potential long
trade entries by using a pivot high within the pattern. Under different
conditions and when ‘things looked to be working more consistently’, I most
likely would have defined the trigger right at the pattern breakout level
instead. But, when I find that stocks are acting less than cordial (unlike the
butler’s normal motif operandi), I’ll adjust my levels to a place that says to
me that ‘now’ the stock means business, instead of giving me the business.
Intraday Setup Alert
Ask Jeeves
(
ASKJ |
Quote |
Chart |
News |
PowerRating) has formed an intraday
symmetrical triangle
to reverse a technical test down to a 78% Fibonacci retracement from the August
lows, and the 100-Day EMA. Currently, with the stock up .74 at 17.54, ASKJ will
trigger continuation longs above pattern resistance of 17.74.
It’s not an easy task, and it’s
not something you’re going to find in a CD-Rom. Nope, the only way to master
this skill is by successfully mastering the greatest tool at your
disposal…yourself. Maybe I’ll ‘Ask Jeeves’ if it’s going be ok to post this
one later on?
Chris Tyler