Long INTC at 21.17
Stop at 20.84
Risk 0.33/share
Size 33/0.33 = 100 shares
Channel(5) 22.55-20.40=2.15 (/3=0.72)
Target 21.17 + 0.72 = 21.89
INTC was the only one among my favorite seven (AA AXP CAT CSCO HPQ INTC MRK) to have a down day today. It is in an uptrend. It has had three days down in a row.
Sold on 3/10/11 at 20.84.
I got stopped out.
Yesterday INTC broke the 3-day streak with a minor advance, but today the market got hit by the fear of God and it was a red day across the board. Commodities, world equities, domestic. The S&P 500 was down 1.89% and the Dow was down 1.87%. Intel got caught in this storm and it went down 1.93% overall. The low was 20.72 ( 2.2% down from my entry price).
What am I doing wrong? I'm starting to think I should go short every time I think of going long. Seriously.
Clearly my stops are too tight.
Maybe I should go back to RSI2, RSI4 and %B on ETFs.
Maybe I should backtest more strategies.
Maybe the market is crazy these days, and I need to stay out for a little while, or look for something that's in a clear trend, and just ride that trend.
Maybe I need to stop trying to catch falling knives. I always buy shares that are down fro the day, expecting a rebound the next day, but it doesn't seem to work.
I mean, c'mon. I need to find something that works and then follow it. I still feel like I am groping in the dark.
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