Watching NFX for a breakout. I've been waiting for this one for quite awhile. Added to my (long) position this morning.
As for IBM, well sometimes you're wrong. When that is the case, you close the trade. Period. You don't give it more rope. You don't try to justify it. You don't make it an investment. You close it. Get out. If your thesis is proven wrong you exit.
In today's example I got a bit lucky. IBM traded $107 and change pre-market then has traded down since. I covered at $102 and change. The total hit wasn't too bad considering. I still feel that IBM goes much lower and will revisit the idea shortly.
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