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This papa needs a fast contractual revision....you have to define "stuff" with teenagers.
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" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
There are those who say that FB is forming a C&H (I think it was on CNBC Cramer or on wen somewhere); I'm not so suer about that...it could be.
But if you draw a trend line connecting the bottoms on 9/4/12 and 11/12/12, and then create a another parallel line and place it on the peak made on 9/19/12, you will see a channel that FB was trading in for a while from August 12 to 11/21/12. On 11/26 FB broke out of that channel. On 12/28/12 and 2/28/13, FB retraced and tested (the now support) that channel's top trend line. Price penetrated the trendline by a few ticks on both occasions but bounced off on both occasions.
Now if draw a third parallel line; you will see that it has acted as resistance on two peaks on 1/14/13 and 1/28/13, and creating a possible second channel (not confirmed yet). We'll see if the low of 26.34 on 2/28/13 will hold or not.
Excuse my rant here but I couldn't attach (don't know how) the chart with the trendlines shown to make it easy on you and myslf, but wanted to share anyhow
I am a beginner trading stock and options. I sold short 500 shares of facebook today (500 shares at 28.37) and bought to cover same day (The 500 postion at 28.10)
I felt very good about that!
The point now is, I feel the craving to sell short again at the current price (28.58), does it make sense? Something I am supposed to see on the today's chart that can tell me otherwise?
- Why do you want to sell that price?
- What is your stop?
- How much risk does that represent in terms of % of account?
- What is your target?
- In what scenario would you modify your target or exit the trade early?
- How long do you intend to hold the position?
1 Why do you want to sell that price?
2 What is your stop?
3 How much risk does that represent in terms of % of account?
4 What is your target?
5 In what scenario would you modify your target or exit the trade early?
6 How long do you intend to hold the position?
1 - Because it usually falls on the next day after going up that much in the previous one(+4.07%)
2 - My Stop would be 28.99 (+1.5 %)
3 - the position aquired is 30% of the account cash
4 - To Make minimum of 100 bucks
5 - If it hits the stop, if I need the whole cash account to do anything else
6 - After 2 days if it doens't hit 100 bucks, I would close it as long as I didn't get loss
