Someone on theinformedtrader.com forum mentioned about MCP. cthruu chimed in with long bias along with the fact that he has a position in it. Rob supported cthruu’s take. I raised concern about the huge down red volume during the wedge formation but no one commented on my concern. Today MCP reached the down trend line of the wedge and I took the bait. Surely enough, it failed the support and even broke through the 50 ma, and I took the loss, $250 or so.
There are so many better looking stocks to trade from. So if there is something that bothers you with one particular one, don’t trade it! The doubts represent unfavorable odds in this game of probability. Don’t be a hero and go against the odds.
Portfolio Value: $141,100.