Sometimes, A Setup Just Gets Better With Age…Here’s How
Today’s commentary was written by Brice Wightman.
How many times have you been a little early on a setup. gotten stopped out,
only to have it go on and work out exactly as you expected? The fact that
you were “redeemed” on your idea isn’t nearly as good as actually
ringing the cash register, though.
Earlier today in TradersWire, we posted the following:
10:23:56
Intraday
Setup Alert
Symantec (SYMC)
is trading in a wedge near its lows. SYMC is trading at 42.95, down 1.10.
If you had promptly gone short, you probably got stopped out, but the setup
was, in fact, worth monitoring. A few minutes later, the stock pulled up close
to the 200period moving average while at the same time the stochastics became
pretty overbought. It was at this point that the setup became juicy again, and
as it turns out, was a money-maker.
So, if something looks good, but doesn’t work out the first time (or you end up
not taking the entry in the first place) keep watching it — you may find
something like this.
Have a great weekend, and keep our men and women in uniform, as well as the
Iraqi civilians, in your prayers.