Wednesday (Thursday): No trade

I'm trading from East Asia for the next few weeks, and the time difference with New York adds a day to the interval between breakout and the placing of a trade. This has played hob with the titling of recurring posts, such as Prospects and No Trade. The hybrid titling in this post is my solution: I would have traded on Wednesday if I were stateside, but my first trading opportunity while traveling will be on Thursday.


The one symbol to survive my first round of analysis after Tuesday's session, Telstra Corp. (TLSYY), has failed confirmation. True, it traded for several hours on Wednesday above the breakout level, but in the end it closed at the level rather than displaying further upside momentum.

Also, TLSYY is an American depository receipt for a foreign company (Australia, in this case) and suffers from the failing of many such symbols: The normal distributions of financial information don't function in their case. That leaves me without such key figures as return on equity and debt/equity ratio from my usual sources.

True, with some further research, I could no doubt track down and calculate those values. But I rarely have a trade where that's worth the effort. I'm not like Warren Buffett. I'm not seeking a long-term relationship with the stocks I trade. I'm looking, really, for simply a brief fling, without a lot of commitment.

So, for those reasons, I won't be doing further analysis on TLSYY with an eye on a future trade.

References
My trading rules can be read here. And the classic Turtle Trading rules on which my rules are based can be read here.

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.

No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decision decisions for his or her own account, and take responsibility for the consequences.