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Registered User
Joined: 1/12/2006
Posts: 296
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One great advantage of this forum is the ability to review Stocks posted by others. Your prior post referencing GE (quality company) is an example. My review and reply to that post indicated a trend line hit. As a result, I bought GE this A.M. FYI, the next short-term support is at $35.12. If end-of-day close resides somewhat below this, I will probably sell, as the next support (intermediate - more important) is at $34.62 on 11/02. If it works, fine. If it doesn't, hopefully I will be out.
What I am trying to accomplish is to catch a significant upswing such as the one starting on 08/10.
Thanx willimike - GE would not have popped up on my radar without your post.
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Registered User
Joined: 12/5/2004
Posts: 49
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I agree about the forum. Gives us a chance to review a chart that might not have ever come up on our own radar.
I see ( GE ) is still fading and that 35.12 probably will not hold for long.
Using a BAR chart I ran a line from tne February 2006 low to the recent early November low. I am looking at that line holding here and maybe catching, my falling knife.
One good thing about this chart is that it has good long term support coming up. I do not see this thing breaking the 34.50 to 34.00 area.
Using a TSV 200 w/a 50 moving average I see the 50 moving average crossing the mid point line. The last time it did this a positive year long run followed.
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Registered User
Joined: 1/12/2006
Posts: 296
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Just want you to be careful. If it closes below $35,I'm not hanging around (Still 50/50 as I write). Then I'll wait until the next stop at $34.60 for another buy-in. A break from there goes to $32.
This could be working off a double-top formation, and like the double-top in late 2005 (it went down to $32), this could do the same.
WFR is having a see-saw day. It's trying to break and hold above the upper trend line. This is typical action and a form of resistance.
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Registered User
Joined: 8/13/2006
Posts: 4
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There is always some emotion while trading, either fear of losing or the desire (greed) to make some money.
I think the bigger problem is freezing when in a losing position.
This may be the start of a correction of some magnitude. If you don't feel comfortable with the trade you could
1- Sell the position as you stated or
2- Hedge the position, buy the Jan 35 Puts and/or write the Dec 35 calls.
Hope this helps
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Registered User
Joined: 12/5/2004
Posts: 49
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I agree about freezing, and I have frozen before, and regreted it.
I am not in that situation with ( GE ).
I made a very poor entry, and that is what has me so agravated.
Yesterday would have been a much better time to have entered, I still did not see a true buy point, but I wanted to get in ( GE ) so I could have accepted yesterdays offer. I would have been able to justify my actions yesterday.
Monday was not the day to buy ( GE )!!!
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