Saturday, August 9, 2008
CMG Swing Trade Update
So I was all ready to get into CMG, but the stock didn't make a swing high the next day. It traded down to just above the previous day's low, and my stop was set 20 cents below there. I had to post to the swing trading forum in order to find out what I should so since it looked like it formed a shooting star. I was told that they would avoid the stock anyway since there was so much congestion around the $70 price point. It wouldn't have mattered anyway as the stock (and market in general) rallied on Friday. It never would've hit my buy point. I guess I'll try to locate more possibilities this weekend. Here's the chart showing the shooting star and rally that followed.
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