This Is Why You Should Stick To Your Own Trading Styles
I mentioned Tech Data
Corp (TECD) as a potential short last night, and I received several
questions on that setup. Let’s look at the daily chart as of yesterday’s close.
The issue ended poorly just below the upper boundary of a bear flag.
Why couldn’t we short the stock at the close? It formed a bearish tail. Why
should we wait for a breakdown? I have nothing against selling the stock short
at the close yesterday. In fact, it was a valid entry, too. Remember, my nightly
report is only a guideline. It may not fit your trading styles. I know some
traders hate to trade breakdowns. All I can say is: “Always use protective
stops.”
TECD immediately broke down at the open this morning, and our sell was
triggered.
T.Kamada
If you have questions, feel free to
mail them to me.
Â