Talk about frustration. I waited all morning for $MGT to bounce from the morning spike and when it finally did I had a what I thought a good entry at .82 but it could not break the resistance at .84 so I got out. Now the stock has bounced back and gone all the way to 1.17.....
I was using the ichmoku and strategy on this one.
1. Price broke the cloud
2. the cloud switched from bearish to bullish
3. The Chikou line broke out from the cloud.
4. Entry at .82 but could not break the resistance at .84
5. exit at .83
What happened next in the next couple of hours was a slap in the nuts. I used my day trade so I had to sit and watch.. I really hate being limited to 3 day trades.
Watch "Trading Tickers" by Tim Grittani it covers breakouts very well.
I was looking to get in at .75 today and I has a chicken. and yesterday I was looking at entering at .68 and I was a chicken.
@Chickentrader52 I was chicken yesterday but I knew this morning there would probably be a morning spike I ended up having an important phone cal right when it started spiking in the morning. So I waited for MGT to come down and I thought I had a great entry but played it very safe when it hit resistance at .84. I was hoping it was going to break .84 on that first bounce.
Having only 3 day trades a week sucks. You have to be very selective on what stock you decide to trade. I have a cash account so I have another hindrance of having to wait 3 days for funds that I've traded with to settle. If I didn't have that to slow me down I would have got in on the $MGT action.
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