I bought 300 shares of NILE at $96.55. The stock has pulled back to the old high on light volume. My stop is at $94.55 with an upside target of $103. If I get stopped out due to a deeper correction in the stock, I would probably re-enter in the $85-90 range.
4 comments:
TC,
What do you think about this trade?
I do enjoy your critiques of the Speculator's trades, I think it brings another dimension to this blog , as long as it's constructive and you two don't come to blows!
Pete
Pete,
What do you think?
Pete:
First off, MS is a terrific trader. I am sure if he looked at my trades he could find plenty to criticize. At the end of the day, the only thing that matters is that a trader makes money - we all have winning and losing trades and we all make mistakes.
I already said that I don't like the way MS enters his pullback trades as he tends to try to "catch the falling knife", which I think makes entries unnecessarily risky.
I can say the same thing about the NILE trade.
Additionally, NILE seems too far extended for an entry here, I wouldn't be surprised if it pulls back closer to 90.
Good luck to all today.
TC
TC,
You've miscategorized what "catch a falling knife" means. Buying on a low volume orderly pullback to support it is not. The phrase refers to stocks that have taken big drops that have violated support. Think homebuilders.
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