Tuesday, March 20, 2007

Trade: Long WFR @ $56.50

9 comments:

Anonymous said...

HI MC. Love your work and your dedictaion to trading. I wanted to pick your mind about a recent discovery i made. I noticed that on popular momo stocks like: ICE, RIMM, NMX, LVS, CMI, PCP just to name a few. I noticed that a decent strategy is to buy when they break from a previous day's high/low. They have a tendency to move in the direction of the breakout and could be a decent trading strategy. What are your thoughts? I also, noticed that if coupled with pattern recognition using candlesticks, it can be a fairly effective strategy.

i.e: check out: POT CMI MGM WFR and EXC today as examples.

Thanks! Alex G.

MC said...

Alex,

It is a strategy that is being used today by many momo traders...it is called follow through method. It is a profitable method during strong trend progression but gives a lot of small losses during trend transition phase.

Thanks for your kind words. Trade Well!!!
-MC

Anonymous said...

hey mc- could you reveal a little of your exit strategy on winners- ie loose targets, ma violations, bar counts/bar violations, do you peel off, etc?
Thanks
Paul

Ragin' Cajun said...

I just found your blog through getshort. Great stuff, I have added a link to your page on my site.

Great trade in WFR

Anonymous said...

hi mc. what are your thoughts on POT as a swing trade here? thnx. alex g.

Anonymous said...

you are making hundreds of thousands while I can barely break even. Reading this has made me depressed because I am losing money on good setups while you rake in the profits on everything you touch.

jj

Anonymous said...

JJ,
I am sure MC has put in a few years and a lot of work to become a successful trader. Perhaps a thank you would be in order for the work he puts in to educating us for FREE.

MC said...

Alex G,

I would let POT clear $169 before taking any long-term/swing position on it. It's great for day-trade though because of the high ATR

jj,

sorry to hear about your trading experience but most of us goes thru that cycle/experience. You can always email me if there's anything I can help you with. Other than that, the setups that I look for everyday are probably well documented already in this blogsite.

zommie,

Glad to see you're back. For a while there, I thought that those nice pictures over at movethemarket caused some differences.

Thanks for the kind words. But don't have to thank me. I'm doing it as much for myself as well as for the others.

Anonymous said...

Ha, they are nice pics. Just not on the right website. I was going to post some males pretending to lose their keys for our gay and female readers. But alas, the conundrum has been solved ;) I took the break to get a better mindset for trading.