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Don’t BUY on Spikes

Don’t BUY on Spikes

Don’t BUY on Spikes

11:19am
BuyETF
HOD:TSE Hori. Beta. NYMEX Cr. Oil Br. Pl (ETF) closing $9.36
-0.32% unrealized

Spikes can sometimes breed spikes. I’ve been burned more than once now buy setting a buy price at a target where I thought it may or may not reach… and then found myself almost immediately down because of a subsequent spike that followed right behind mine.

Thanks to best friend of mine, I’ve come to better understand (it’s a learning process still …and will be for some time), I now better understand the nature of resistance levels and possible break-outs that can occur when those resistance levels are surpassed.

View the related trade (Feb-1-2017)