… That what I always tell my kids when coaching Little League. I try to incorporate that advice into my trading but there’s typically a limit to how many stocks one can successfully follow at one time before you get the proverbial “sand slipping through your fingers” from trying to hold too much. Either way, I did share the pattern and my thoughts on the previous post regarding EGLE and the stock has now gained 70% since that post exactly 2 weeks and 1 day ago today…wow.
As you can see from the notes on that previous chart, EGLE did indeed play out as expected by continuing higher to that resistance zone where it did, again as expected, pulled back and consolidated in a perfect bull flag continuation pattern before breaking out (which would have been a very objective entry/buy signal) and ripping higher. I would not chase the stock here and in fact, I think that the odds for a pullback from current levels are high right now. Nor would I be looking to add on a pullback anytime soon as the bull flag pattern has nearly played out to it’s projected measurement so any additional upside in the near-term might be limited. I did want to point that out to those who might have caught EGLE. Congrats to those who did. EGLE was also good for an “official” 32% on the long side back in Oct and a 20% gain in January 2012. I know of no other sector that can provide such quick gain but remember, that cuts both ways so do not become complacent with your stops, if you decided to trade these stocks.