Tuesday, July 15, 2008

Gap and Go Short - ITW & IRA LONG TERM PLAY

5 Minute Chart

Stock: ITW 5 minute chart
Entry Green Line: 45.16 short
Stop Red Line: 45.63
Result: .56 to .66
Setup Grade
: A-

Notes: What a market - in my IRA bought WM @4 and FNM @8, very minimal shares risking less then 2% of my IRA for each stock. No Stop on either will hold for a year, if I make 50% on either sell half and ride the rest. If they go bust oh well, again minimal risk and will ride it out. Will track it on the blog from time to time to see what happens. I mainly day trade my IRA and rarely hold anything over night. Will still day trade the other 96%. SHOULD never try to catch a falling Knife but this is a longer term play and again risky very little.
Washington Mutual: 40 to 4 in one year

Fannie Mae 1 year chart: 70 to 7 in one year


1 comment:

bl said...

at 13 yr $bkx spt/lows 46 ish. selling at less than book value according to GS, amonth ago

Disclaimer

I DO NOT MAKE RECOMMENDATIONS TO BUY OR SELL SECURITIES - I JUST POST TRADES I MAKE OR FIT THE RULES OF MY TRADING PLAN ON A DAILY BASIS. DO YOUR OWN DUE DILIGENCE - YOU ARE RESPONSIBLE FOR YOUR TRADES, INVESTMENTS, AND DECISIONS! ALL CHARTS COURTESY OF TRADESTATION, SCHWAb & TD AMERITRADE