ININ was my only trade for last night, as I didn't want to ruin a good thing with some losses elsewhere. A faulty mindset, I think, as a couple of other opportunities presented themselves.
BTJ would have been a nice entry both before and after the initial pullback (yea, I know, but I'm going to try out a few AMEX stocks. I am sure it will be my undoing!). GIGM signaled a short that would have been worthwhile.
My IT Trend line was that represented by the Chartscripts. I also have a smaller ST trend within it. Memories last week of BTUI hitting the upper IT trend on the same day as purchase, before coming back to earth over the next few days, creating a wash trade, still left a valuable lesson in my mind. Hence my early exit today.
I think I have come to my own realization that not every trade needs to be a home run. In fact, most are not. Simply making modest returns regularly and following the rules (read: exit when price hits resistance areas) is what is working for me. Sure the stock may increase beyond my exit, but in the long run, I think more profits will be extracted through the use of modest exits, than holding out for the home run.
Just my opinion, based on my own trading rules.
