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.
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.
ReplyDeleteI 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