Twienth: Flying Saucer

Summary

The flying saucers are coming to the rescue. I am strictly joining the trends of the trade because it seems the charts fight for me when they do that. Even when I go in the front side of a bearish move, the support from the long term chart comes in to turn the bearish move to a bullish move.

Ticker: MEIP

This chart broke out and the saucer seemed confirmed with a nice target. It can potentially go higher as I expect some kind of gap this week.

I missed the initial move so I waited because I didn't want to chase. I waited patiently for the break and I got it. I did not draw the second uptrend line so I did not get in at a better price. As soon as it looked like it was going to reverse, I bought it which was $2.30. I wanted to buy more, but decided to wait until tomorrow.

Note: I should constantly be updating the uptrend lines so I could get better predictions of when I could buy in. I participated in the front side of the move when I should have waited until it held support.

Note: Even though it worked out, it could have been better.

Please let me know if you have any comments or opinions. I would like to know if you have spotted any mistakes in my logic.