I added another $249 to the portfolio, putting me in the green 1% since I launched my live portfolio on July 1st. However, I left another 1R or $250 on the table on this trade.
The markets were extremely weak in the early going and there was barely any setups, until I found Amazon (AMZN) and its perfectly formed Doji Hammer (candle stick that looks like its name). So I jumped on it, and was further excited about the Doji Morning Star Formation (more about this in my video podcast tonight). However, in the early afternoon, I kept witnessing the stock bounce off of the 77.70 area, and three sepereate times it tried to break through and it failed. So when it challenged that area again I took my gains.
But as we all know too well, that particular attempt to break through the 77.70 level and the 9 period EMA succeeded, and finished the day in the low 78’s. It could have easily have been a 2R trade, but I believe my logic and rationale for taking profits when I did was sound, and nothing to frown upon. Hopefully you all out there were able to benefit even more than I did.
Let’s gear up for another day in the markets…yesterday has nothing to do with today, and just because you’ve been successful before, means nothing towards your success today. You’ve got to earn it!