(DRYS) - Observation

(I’m having some issues with my charting software this weekend, so please excuse these 2 temporary charts copied from MarketWatch.)

I tried to trade today but I have to admit that I’m still feeling very rusty with everything.  I was only able to picked out (DRYS), while everything else seemed to me that they are ‘un-fit’ to be traded. 

I almost pulled the trigger shortly before 11am.  Although it turned out to be the correct decision, I actually thought that I missed a great run.  For the record, the reason why I didn’t pull the trigger was because of all those Upper Shadows formed in every single bar since opening.  I interpreted that as resistance-aplenty lying around the Opening High.  The second reason why I didn’t pull the trigger is because there weren’t really an Entry Bar at all!  Technically, speaking, I shouldn’t even be posting this charts because this set-up is just one of the many that I discarded yesterday morning.  But since I want to post something to start-off the year, hence came (DRYS).

The question that pondered me afterwards, was that even though it didn’t hit my 138Fib level, shouldn’t I still somehow find a way to ride that small wave up?  If yes, then how?

Anyway, I’m just happy that I started trading again. 

Once again, Happy New Year to all my readers!