VRX, which I discussed in "Friday's Prospects: Round 2", closed above its low point of the day, set in morning trading. I declined to take the trade because I found the downward momentum to be insufficient. I'll keep the symbol on the Watchlist for consideration next week.
I filed an analysis of CTL after the market close on Thursday but declined to take trade because a lack of downside momentum. The price reversed sharply to the upside today. CTL will remain on the Watchlist until it closes and confirms above the 10-day price channel, as specified in my trading rules. See "CTL: Santa's bear".
References
My shorter-term trading rules can be read here. My longer-term 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 decisions for his or her own account, and take responsibility for the consequences.License
All content on Tim Bovee, Private Trader by Timothy K. Bovee is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Based on a work at www.timbovee.com.
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