The setup was PAA (Pan American Silver Corp)
If you follow charts you can see PAA has found support at its 200 day moving average for the past few months, this is a strong buy signal when you see this. So I purchased it the other day when it was at its 200 day moving average this is the exact time and date and price :
2011-10-19, 14:05:12 $27.55 per share
I will most likely sell it tomorrow over $30, I was planning on taking a quick 10% return so I will stick to my plan. (Never get greedy)
PAA hit 30.83 today and settled at 30.20 by the end of the day, if I get 30.30 tomorrow I will have made exactly 10% return since last wednesday the 19th of October. This is 10% return in 7 days.
If PAA opens up lower I will wait until it comes back to touch the 50 day moving average @ my 30.30 price point which may take another few days.
Although I don't do these trades that often because they have to be almost near perfect setups to execute these short term trades.
*Disclaimer - Don't try this at home unless you know what you are doing or have lots of experience with buying and selling securities. (Most day traders go bankrupt because the human mind is more susceptible to fear and greed which in the long run will catch up to the undisciplined trader.)
To be successful in the market you have to have plans
and to stick those plans no matter what.
