“I have two basic rules about winning in trading as well as in life: 1. If you don’t bet, you can’t win. 2. If you lose all your chips, you can’t bet.” – Larry Hite
Today market had decent sell off led by AAPL which lost another 8 points with a closing price at 665.18, the fourth day of its losing streak, but GOOG bounced off from its day low of 741 and finished in green at 753.46 despite its wild intraday swing of 21 points.The oscillator is nearly oversold if we have another losing session like today. It’s the end of month for window dressing, usually time for some volatility.
Although I posted my GOOG chart earlier on StockTwits.com, I figured it’s a good idea to put it on my blog as a nice memo. Unlike how our brains work when piled in with many thoughts simultaneously during trading hours, it takes some time to have them written down with clear explanation. But I love what I do as a trader, and sharing with others is great experience.
When analyzing a stock’s potential cup with handle chart pattern, we need to take current general market condition, price movement, HFT, trading volume and other leading growth stocks price volume actions into account as well. Recognizing such a potential pattern on our stocks during intraday trading, we can plan better entries and exits.
Here is my GOOG intraday cup and handle chart with notes:
Thanks for viewing! Trade safe and well!