sold 33.90
reason for buying:
- new daily high, consolidating on gap up, good support at 34 (prior day highs)
- wrong stock at wrong time. This thing didn't even participate in market's upmove..market made higher high..this thing just sat there consolidating.
- spy broke down from triangle
- fcx broke down 34 and went to 33.80...the pattern has been borken..I waited for retracement to 33.90 to get out
- i was out of the market the whole day on computer malfunctions...
- too eager to get into a trade..wanted action...being impatient again.
- got in during lunch time, when spy was appearing toppy and making lower highs.
- FCX had higher volume this morning and then broke down from morning wedge. This means lots of trapped longs waiting to get out on break even..that's why the stock was having trouble (wicks), unable to close above 34.20 on breakout on high volume. I should have known better.
- even the stock was positive on the day, it under performed relatively to the general market..while the market was making higher highs..this thing broke down from morning wedge and just consolidated...I played a weak stock in a weak sector.
- i should have waited at least on strong breakout volume before entering...I got trapped inside a consolidation.
Update:
- good call on exit...stock dropping like stone to 33.50 so far..
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