Saturday, May 28, 2011
Windfall profits
I exited the overnight position using the same "windfall profits" principle. They gapped down very little beyond the close of the previous day, then the price continued its downward trend immediate, printing very long black bar expansion at 10:10 am, take low the previous day, which gave me my cue to take cover. The big dilemma term traders constantly face is whether to let our profits run, or take the money and run, we berate ourselves or to cover premature when the price continued to fall, or not to cover enough quickly when the price changes. In this case, the $ 25.50 out happened to be perfect.
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