Following on from yesterday’s post I thought that it may be good to articulate the steps I will need to take once stocks have been selected as prospective trades. This needs to be done for EACH AND EVERY STOCK.
- Identify the trend
- Identify the support & resistance
- Identify the profit target
- Identify the stop loss
As for today’s Market, it was definitely a day for the bulls. A number of the broad indexes broke through their downward trend lines and short term resistance levels. From reading a few of the commentaries bouncing around, it appears that most cannot give a definitive indication of which way the market will go. The next few days will be interesting. The market will soon tell us what to do.
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