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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.)

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