I got in and out of my McDonald’s trade early this
morning. It went up from 0.39 to 0.45
and I was able to take profits. In
markets like this it’s best to scalp the upswing. The playbook: buy on the dips and sell on the
tips. Just make sure you watch your
moving averages, support and resistance lines.
That’s how I know when to get in and get out. Once the price goes down to a main support
level, I look to buy on upward strength.
When the price reaches a main resistance level, I sell on weakness. That’s pretty much the plan.
In fact as we speak, Walmart just came off a support
level. I may get in if it breaks through
the $73 resistance again. It broke
through this morning and I saw it go up.
But as we know what goes up, must come down. I don’t trust it right now yet because it
only broke through that resistance level once and it tumbled back down
underneath it. The strength hasn’t been
confirmed yet.
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