Just have some time tonight and bored surfing the net, I decided to post disclosure on the trading that I made for the week. I might be doing this regularly (might if my time permits).
I have seen some stocks fly and I was afraid to chase the prices so I didn't get into position. I decided to look for other penny stocks that are left behind and might have the potential to be 3bagger for this third quarter.
In my penny stock scan, I noticed a positive divergence of MACD versus price on UPM. I position a little at .0075 though the number of shares sounds too big (each lot is 1,000,000 shares. The volume is so thin but the price slowly creeps up.
On risk reward ratio, I get in at 2 flucs away resistance downtrend line. The trough is 3 flucs below my entry so I'm not compliant with the rule of 1:3 risk reward ratio. I just have this feeling that there's a greater chance of breaking the resistance line so I position anticipating a breakout. Cross fingers that I'm correct.
Tuesday, July 14, 2009
Subscribe to:
Posts (Atom)