An illustration of what it means by missing the boat in trading
As I wrote last Friday, I took a long position in Teck Resources (TCK-B.TO) at $36.03 but got stopped out at breakeven. In hindsight, the retracement after testing the $37 resistance held the 50% level near the close. That was a bullish sign that I missed at the time and only realized during my weekend review.
As you know, the TSX market gapped about 2% up and S&P gapped about 4% up right at the open. The market traded in a range all day but managed to hold the gap.
However, EUR/USD closed its gap and is testing 1.27 support as I write this. The EUR/USD pair will be an important pair to watch as the European Union drama unfolds.
With regard to TCK, Figure 1 speaks for itself. It gapped up about 8% and closed up 8.78% at $39.53. I decided not to chase the market early on today as the reward/risk ratio just isn’t as appealing anymore.
There are always opportunities sailing around the corner. So there is no need to go out of breath chasing that one missed boat.
Tech Resources (TCK-B.TO)
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And if you miss the boat, you can always catch the next flight. It’s more civilized to travel that way anyway. Nobody takes the boat these days.
Not if there’s an ash cloud overhead. :)