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COMMENTARY for Tuesday
Rick's Picks for Tuesday
There is still upside pressure on the daily chart, but it has been unable to move price with any momentum. Price seems to be stuck at this level. Price still has to go through the ___ level with some push in order to start the next move higher. Can po2 for the down move at ___ still be on the agenda?
On the 60 min chart things don't look real bright either. Pressure is still up but it is in a very over extended place on the chart. Price is still trying to get to the ___, the po2 level for this move up.
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The stock is in an up move with a target price of ____. Price hit PO2 at ____ and started a retracement down. Price has found temporary support at P for this retracement down at ___. For price on the daily chart to start a new move higher it would have to go through 38 and then P would be ___. There is currently upside pressure being applied to price on the daily chart.
Dropping down to a 15 min chart you will see that price stopped just short of PO2=_____. There is about another___ cents left in the move on this chart. There should be a retracement from the ___ level Based upon the current high if price hits ___ look for support at ___. Price should hold above the previous low of ____.
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Rick’s Picks is a daily trading newsletter and intraday advisory packed with detailed strategies, fresh ideas and plain old horse sense.
Rick Ackerman is the editor of Rick’s Picks and a partner in 
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Money Management
by Ira Tunik on July 14, 2009 12:01 am GMT · 1 comment
There are systems that are based upon money management alone. The principle is basically the 1/2 way to the wall principle. If each time you go 1/2 way to the wall you will never get there. I have heard so many say that they will take 10% loss or a 5% stop. That like the 1/2 way to the wall theory is, if each time you take a 5% loss you can never be out of money. A stop shouldn’t be based upon financial pain it should be based upon the fact that the chart says you are wrong. I use a 2% risk factor. That means if I had a $10,000 account I could risk $200 on each trade. I would then look for a trade where a move of $200 would make me wrong. So the trade is adjusted to that risk parameter. If it requires you moving down to 60 min. chart or 15 min. chart to do that then that is where you should be trading. » Read the full article