That I should be able to get back into SKF closer to the $110 level early next week. Until we POSITIVELY break out of this trading range, i'll keep trading the range. Once we break below, we're heading to $150 IMO. If i'm wrong and come Monday morning there's a sell-off, then I just get back in and miss a few %. My whole philosophy is based on not losing profits as it is FAR worse to stay in too long and lose your profits than to have to get back in if a run continues.
Just the way I work and it works great for me. I've seen so many people on GIM all excited about say, SLW, going up 10% and then a certain "guru" posts a chart saying it's going to the moon so they become more excited then 2 days later it's pulled back and they're all bitching.
Thats why I always book.
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I like your strategy and I use this sometimes too. Early in my trading career (not very long ago) I did this but would get caught trying to catch the rally if it did continue.
I now TRY to only buy on weakness but what kind of scenario would cause YOU to re buy SKF next week above $120??
Of course there are many variables but if you could give me any insights I'd appreciate it. Thanks,
Peter
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