That is how I define GOOG right now. Its a lower probability trade, that has the potential to break out here, but battling heavy resistance. (Not just from the daily chart, but the weekly as well.)
Thursday, July 7, 2011
itching
I am just itching to get into GOOG, but I have to remind myself to be disciplined. I see the potential for breakouts in various stocks, and I am playing the 'potential'. I am also 'letting trades ride'. Both strategies I am not a fan of. (My strategy is to see a the move, play it, then get out. Continuing the cycle with high quality companies/stocks. I do not like overwhelming my portfolios with lower probability trades. This is why I unloaded IBM around 172. At 172 it became a lower probability trade, but I also missed 6 points to the upside on its break out.)
That is how I define GOOG right now. Its a lower probability trade, that has the potential to break out here, but battling heavy resistance. (Not just from the daily chart, but the weekly as well.)
Ideally, I am looking to enter GOOG near mid/low 520s. (Use a portion of the position to trade around this consolidation level, and let the rest exposed to the potential breakout near the 550-570 level.)
That is how I define GOOG right now. Its a lower probability trade, that has the potential to break out here, but battling heavy resistance. (Not just from the daily chart, but the weekly as well.)
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