by Cliff Clark
Are you an honest person? I am wondering how many of you are being honest with yourself. I here people say I am studying the PTS but I am wondering from their actions if they really studied the course at all. Did you pay for the course watch and listen to the videos once and jump in full force thinking you knew it all? It doesn't work that way. To be successful at this you need to put in the time to study, formulate a plan, test the plan and implement the plan with small risk. If you are still losing money you have to look at yourself in a mirror and ask. Am I really being honest with myself? Am I really doing things correctly? I am guessing in most cases the answer is "NO"! Come on guys lets get it together and be honest. Very few of you are doing this right and you WILL NOT succeed until you are honest with yourself and start to do things correctly. Be safe out there and protect your hard earned money.
Jared did a great lecture on Integrity, I highly suggest you watch...
2 trades for me today with +1.5R total
1st Trade QCOM +2R
148.39/149.97 exit 143.25
12% gap down under pivot support and 50ma after a strong daily double top rejection,. I took it on a congestion breakdown with a fairly wide stop, leaving my 2R target 50c over its ATR, slow but consistent move down with great RW, hit my target on the penny before it bounced.
2nd Trade AQB -0.5R
9.40/9.70 exit 9.56
I rarely trade stocks under $10 and even more rarely short them. I liked this daily chart as it broke its uptrend channel and stayed under a strong 9.50 support line enough room to its daily 50ma. I entered after a pullback with a fairly wide stop but only 1/3 of its ATR used at the time. It failed to break down with the strong market open and stayed in a narrow range.
I actually broke my plan with this trade as I lowered my stop to a pivot where price made a big bounce earlier at 11am with a large seller sitting there. My thought was that if it breaks that level again then it will likely...
1 trade for (-1R)
I took a BD on QCOM. I was worried about the target being close to the daily range, so I took a tighter stop on the 2 min chart. I am looking through PTS right now, most of the examples have 2 options for where to put your stop. It looks to me like one of the stops would be at the bottom of the main consolidation area, and the other at the bottom of where there has been a shakeout or turnaround bar (if there has been one). Due to the daily range I took the tighter one on this. In hindsight it seems obvious to take the wider stop, but in the moment it looked ok.
I was then looking at the 15 min 3BP on QCOM, but the reason I used a tighter stop in the first place was because of the range. The 15 min 3BP would have needed to have gone even further than the wider stop on the 2 min BD, so I didn't take it.
