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Last Update: 9.3.13
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8.28.13 Tuesday
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[Morning] Entered Put Positions @ $854.53
Pretty simple strategy has been used to enter this short positions. Old support new resistance and this is the concept I use many times when certain stocks had pushed below major support level. Of course I waited about an hour to get little bit better entry in the morning and sure enough it popped up and I decided to enter put positions at around $854.53. As long as this pivot level of $858.60ish, my target is about $820-$825.
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8.30.13 Friday
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Old Support New Resistance
Multiple ways to look at the current state
- Old support new resistance
- Bear flag confirmation (8/28 – 8/29 flag)
- Bearish engulfing (today’s candle)
$840 next support, break below that, probably looking at 200SMA at around $820.00
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9.3.13 Tuesday
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Put Positions Stopped Out @ $861.52 with Loss
In my opinion, it still looks bearish but I think my entry was little bit hasty and with huge gap up in $SPY today, didn’t help my put positions at all. I will be watching for possible re-entry but I will take my time this time.
3 thoughts on “$GOOG Breaking Down”
Ouch….. Have you come out of your PUT poition?
Read 9/3 update
2kaykim sorry buddy. just noticed it. on the other hand, did u notice the elliott wave patterns? you have entered just before the end of wave 5 something to look out for next time.