Tuesday, June 19, 2012
Sold TC @ $3.44
Last weekend I figured out I would be away from my computer every morning this week while the stock market was trading, as I had volunteered to take care of 2 year olds at my church's week long Vacation Bible School. I had sold my NUGT position near the close last Friday and began to think I wasn't too enamored with my position in Thompson Creek Metals Company Inc (TC) - mostly, I guess because I was annoyed with myself for buying it too soon when I really knew better.
So I put in a gtc limit order to sell TC at $3.44 and figured if it sold I would have more marbles to regroup for my next trading episode . Well, today it appears TC hit $3.44 and my order to sell was filled. And you know, a line of rationalization I hear playing in my head is a reminder that a 2.7% gain in 8 days is better money than what any bank would have payed me, so OK, whatever.
But TC did not stop there at my price - $3.44. The darned thing continued higher to reach $3.52 before settling at $3.50.
Then I make the daily chart of TC to show my trade and son of a gun, the chart shows an extremely favorable BUY setup with a trend line break of the True Strength Index (TSI) indicator, as well as a bullish ZERO crossover.
Wow - talk about selling at just the wrong time!
Anyway, other than to write this post with these reflections I will not look back. That's a point of view I chose a couple years ago for these kind of instances. There are more opportunities to make good trades every day than I will ever have the time to take advantage of ...... and the best thing I can do is just move on.
So here is that bullish setup, found at today's close.
My TSI Trading record has been updated.
Now back to something a whole lot more interesting to me - a post that I hope to have completed this evening that examines each and every TSI negative divergence sell signal generated by Market Vectors Gold Miner ETF (GDX) since it's inception in 2007. I've made all the charts so now I need to figure out what they mean and present my findings.
Talk again soon!