QCOM
Finally exited this position. I entered QCOM on the 5th April 2007 and exited on 12th April 2007. Bought at $43.707 and sold at $42.198 (a loss of $1.509), I had opened 400 units and made a total loss of $603.6 (Below is the graph with my entry & exit price, and the support and resistance line i drew in. The red arrow I drew in indicates the breakout)
Remember everything is in USD! So the question is where did I made my mistake? Firstly I should not have opened this position in the first place. I didn’t follow ANY RULES, and traded this on PURE GET FEELING, I actually opened this position right after a double top formation. Now that It has fallen pass the support level, I can expect QCOM to trade down to about $40.
In real life, I would be watching QCOM to open a position to trade it on a trend reversal. However, I would wait for volume support before I enter this trade.I would expect a $2 movement downwards, this is following the rules that I have studied.
I am going to sit this one out and watch it. This is an example to everybody who don’t follow the rules! This is the sort of punishment you should expect to suffer!
Related Posts
