ccmp.. everytime I see those 4 letters.. well,.. you know : )
I saw it break to 76, but really thought it would pull back.. It just kept squeezing right over 78 so I decided to just average up and set my stop.. After looking at the chart, I decided its just not worth playing at this price.. If the market follows your turnips, ill just let a stop trigger a new short position and try and make a gain that way.. The surge up really caught me off guard..
I still think alot of these breaks are head fakes.. but what I think and what the market thinks are usually completely different, so- had to follow the rules and take the lose..
Thanksgiving- the anniversary of the worse experience of my life several years back.. Shorted ADSP at $10.00... total $0 stock that was confused by CNBC with a profitable company.. Stock went from 1.50 to close at $10 that day.. Friday after turkey day it squeezed to $67... I was short, margin and all.. Thank god my broker was a small outfit and couldnt afford to force me out.. I told them flat out I couldnt cover the margin call of several million dollars.. I knew some incredible/seasoned traders that had accounts that took decades to build whiped out on that short.. Very sad but valuable lesson..
You simply never know what the market will throw out you. Be prepared for anything and everything. I printed that chart, lemenated it and it hangs in front of me as we speak..
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