(Click On Chart To Enlarge)
From October 20, 2007 post: "VPHM: Hanging On By A Thread"
"Normally, I try to stay with a trade until I'm stopped out, and I wasn't stopped out on this one, but given the strength of Friday's smackdown in the general market, the fact that VPHM is in Crash Recovery, and the fact that this isn't a particularly strong pattern, I decided that "discretion is the better part of valor," and cashed it in for a very small winning trade (1.8%)."
Sometimes those "safety plays" pay off, as this one did.
VPHM gapped down below the weak Symmetrical Triangle at the release of earnings, and yesterday afternoon, the 7.51 target MADE without any snapback rally after the breakdown.
This morning, VPHM took out 7.51 to the downside, which was a "possible" Double Bottom with the August 10 Exhaustion Gap low of 7.51, so it's at a new 16-month low, looking for a bottom.
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