Do This Until The Market Clears Minor Resistance
Smoke ’em If You Got ’em
Tonight’s money management example was written for
me:
“Hey Dave,
I played KEYW, mentioned in one of your columns from
mid-Nov.
All the points you make in your books were in play!! You got a nice entry off a pullback that was followed
by a 2nd entry. Based on today’s action, we all see why one takes some of the position off the table
when the profit equals/exceeds the initial risk level.”
Dave P.
On Monday, the Nasdaq opened firmer but quickly found
its high and began to slide. However, it found its low by mid-day and then
generally worked its way higher for the remainder of the day.
The S&P put in a similar performance.
So what do we do? The market is bumping up
against minor resistance. Although the late-day turnaround is encouraging, wait
to see if the market can prove itself further before initiating new positions.
In the meantime, continue to honor your stops and trail stops hihger/take
partial profits (when offered).
No setups tonight.
Best of luck with your trading on Tuesday!
Dave Landry
P.S. Reminder: Protective stops on every trade!
P.P.S. Learn my newest and most advanced version of my Bow
Ties Strategy. Click
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