I've shorted QCOM three times in the last week and a half, at 37.18, 37.29 and 37.28. The 37.18 and 37.28 I rated those trades as 4 on a 1-5 scale, 5 being best. The 37.29, even though I managed to eventually make 1.08 on it, because I so screwed up the trade only got a 1.5 rating.
Right now we're seeing resistance in the 36.60-.70 area. If we can get through that will run to 37.00. Support is in the 36.10-.20 area and that show hold until the NAS goes lower. So shorting it here would be for a small quick scalp or a bet the markets are going lower. I wonder what that almost .20 drop in a blink was just before 12:30. Bounced but slowly coming back. MSFT sold off, but now bouncing.
I'm a day trader, until I blow the trades and become a swing trader. <g> So these comments apply mostly for today. Almost shorted QCOM, PSFT, and MSFT at the open around 9:40. Hesistated and missed my entries. Now "if" I had then covered those about 10ish, I would have rated those 5's. Why rate a trade you didn't do? Tells you how good the trade would have been, and whether your assumptions were right. Since I started rating my trades about two weeks ago, I hadn't seen any that would rate 5's. Now I know what they look like.
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