Thursday, February 22, 2007

Ugh!!! For Some Reason I Ignored My Notes

You'd never have guessed that I've had a pretty good week thus far, considering that I looked like a lunatic after reading the notes I made on Monday's watchlist. Here are the three stocks I starred, with the accompanying notations:

PCU: Nice looking breakout with NR7 HTF formation. Enter now under $68.

For some reason, I ignored my notes. The stock is now trading above $72.

EDU: Strength after BO. Good RSI. Buy break of $42 if good volume.

For some reason, I ignored my notes. The stock hit $44 and again has a nice pullback in place.

JOYG: pb 50 MA. Buy NR7 BO above $49.

For some reason, I ignored my notes. The stock broke above $49 and is now at $54.

I can't figure out why I passed on these trades. I don't recall finding anything inherently wrong with these stocks. However, I did make a couple of more speculative trades that payed off (EWZ and AKAM). Nice, but profit is no justification for passing on these near perfect setups. This is something I'm going to have to start working on. Time to dust off the psychology notes . . .


Anonymous said...

you seem to be an outstanding trader! You'll make it up. Do you recommend any books for someone that is just learning about the stock market?

Anonymous said...

u should start writing the notes on your blog!

Anonymous said...

good idea about the notes on the blog.

The Market Speculator said...

Hey guys,
I do post stocks I'm watching regulary (chart of the day and watchlists), although not as frequently as before. The reason I toned it down was I would get emails from people pissed off because they made a bad trade off of my watchlist or complaning that I did not make any trades off of my watchlist. They don't seem to understand that it is on a *watchlist*, not a recommendation for entry.

For this reason, I've been going into more detail about my own trades, rather than watchlist notes.

I'll probably post more watchlists with my notes and a disclaimer about how to use the watchlist.

Thanks for the feedback.